EUR/USD Price Analysis: A drop to 1.1700 is shaping up

• EUR/USD extends the downside well below the 1.18 mark.
• Bets for a deeper retracement to 1.17 keep rising.

EUR/USD navigates the area of fresh multi-day lows in the 1.1740 region on the back of the persistent investors’ preference for the safe havens in light of the prevailing risk aversion context.

The continuation of this trend seems probable in the very near-term, allowing for a potential visit to the key contention area in the 1.1700 neighbourhood ahead of the monthly lows in the 1.1690/85 band (October 15).

Further south comes in the September’s low near 1.1610, although such a move would initially require further deterioration of the outlook on either the euro or the fundamentals of the region.

EUR/USD daily chart