EUR/USD Price Analysis: A deeper retracement could challenge 1.1700

• EUR/USD fades recent gains and re-focuses on the downside.
• Further downside is now targeting the key support in the 1.17 neighbourhood.

EUR/USD is navigating multi-day lows in the sub-1.18 region at the end of the week, quickly leaving behind Thursday’s positive performance and on its way to close the first week with losses since late June.

If the selling impetus picks up pace, then the next target is seen at the 1.1700/1.1690 band, where converge a Fibo level (of the 2017-2018 rally) and the monthly lows.

The bullish view on EUR/USD, in the meantime, is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1141.

EUR/USD daily chart