EUR/USD Price Analysis: Do not rule out a move to 1.16 just yet
|- EUR/USD extends the downside to the vicinity of 1.1700.
- Bets for a deeper retracement below 1.17 keep rising.
EUR/USD navigates the area of fresh multi-day lows in the 1.1700 neighbourhood on the back of the prevailing risk aversion atmosphere.
The continuation of the downtrend seems likely in the very near-term. A breach of the key contention area in the 1.1700/1.1685 area could pave the way for a retracement to the September’s low at 1.1612.
Looking at the broader scenario, the bullish view on EUR/USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1310.
EUR/USD daily chart
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