- 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.
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