The offered tone around the single currency is gathering further traction today, now dragging EUR/USD back below 1.1700 the figure, or fresh daily lows. Spot is now trading on the defensive, adding to the view of a correction lower somewhat forecasted by the recent activity in futures markets and options markets. The down move is accompanied by a strong rebound in the greenback after testing fresh 2017 lows during the Asian session. Yesterday’s ‘outside day’ candle followed by today’s leg lower anticipates the imminence of a (long-waited?) reversal, which should find initial contention in the 10-day sma in the 1.1600 neighbourhood. In the data space today, US durable goods orders unexpectedly expanded 6.5% on a monthly basis in June, while goods trade deficit bettered prior estimates at $63.86 billion during the same period. Additional data saw initial claims rising 244K WoW, taking the 4-week average to 244.00 K. At the moment, the pair is losing 0.26% at 1.1704 and a breach of 1.1688 (low Jul.27) would open the door to 1.1608 (10-day sma) and finally 1.1501 (21-day sma). On the upside, the next up barrier is located at 1.1777 (2017 high Jul.27) seconded by 1.1800 (psychological level) and then 1.1900 (psychological level).