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A drop is shaping up to 1.1700

EUR / USD is moving through the multi-day lows, in the 1.1740 region, due to investors’ preference for safe haven assets, such as the USD, in the current context of risk aversion.

A continuation of this trend appears likely in the very short term, allowing for a potential visit to the key support zone near the 1.1700 level before targeting monthly lows in the 1.1690 / 85 region (October 15).

Lower is the September low near 1.1610, although such a move would initially require a further deterioration of the outlook, either on the euro or on the fundamentals of the region.

EUR / USD daily chart

EURUSD

Credits: Forex Street

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