euro-bank-notes - EUR
  • EUR/USD extends losses below 1.18
  • Deeper sell off towards 1.17 increasingly possible.

EUR/USD trades around 1.1740 in risk off trading which is boosting demand for safe haven assets.

This  trend is likely to continue  near-term bringing support at 1.1700 into focus before the monthly low at 1.1690/85  (October 15).

Beyond there September’s low near 1.1610 could be targeted although this would  require further deterioration of the outlook on either the euro or the fundamentals of the region.