FXStreet reports that economists at Société Générale note that EUR/USD is close to potential support of 1.1700 and below this level, the next projections are located at 1.1600.

“The sequence of lower lows suggests that the selling has not been exhausted, but the RSI is approaching oversold territory.”

“Support for EUR/USD below 1.1704 is at 1.1695. A deeper pullback towards 1.1600 beckons on a successful break.”

“A below-forecast number on US CPI today could elicit pockets of short-covering, only for the rally to be sold again."