EUR/USD Price Analysis: Rising bets for a move to 1.1700

• EUR/USD recedes further and breaches the 1.1800 support.
• Extra losses could see the 1.17 area re-visited in the near-term.

EUR/USD extends the correction lower to the 1.1790 region in the second half of the week, all following the rejection from 2020 tops just above 1.20 the figure recorded on September 1.

That said, while the ongoing leg lower should be regarded as temporary, it could extend further south and test the key contention zone in the 1.1700/1.1690 band (mid-August lows and a Fibo level).

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 1.1178.

EUR/USD daily chart