EUR/USD: Break below YTD lows at 1.1704 to expose the 1.1603 mark – OCBC

EUR/USD is defending the 1.1700 threshold. According to economics at OCBC Bank, the EUR/USD’s year-to-date low at 1.1704 may be porous in the coming sessions, with the next trough at 1.1603 the natural target.

Flexing against key support

“The softer than expected ZEW survey compounded firm US NFP print and hawkish Fed speakers to put the EUR/USD under further pressure.”

“Key support at 1.1704, and a breach of that could leave the pair targeting 1.1603 on a multi-session horizon.”