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

• EUR/USD’s downside picks up pace below the 1.18 key support.
• Extra losses could reach the 1.1700 neighbourhood in the near-term.

EUR/USD remains well on the defensive for yet another session and extends the leg lower to the area below 1.1800 the figure, challenging at the same time multi-week lows.

That said, further retracement looks likely, initially to the key contention zone in the 1.1700/1.1690 band (mid-August lows and a Fibo level). Supporting this view, the bearish divergence in the daily RSI seems to still be in play.

Looking at the broader scenario, 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 1.1193.

EUR/USD daily chart