EUR/USD: Below the 1.0715/25 area there is not much support until 1.0500/0515 – ING

EUR/USD continues to edge lower. Economists at ING note that a break below the 1.0715/25 area could trigger a substantial decline.

Re-pricing of China's growth prospects is not helping the EUR

“Doubts over Chinese growth prospects and growing views that there remains unfinished business in the Fed's tightening cycle are weighing on EUR/USD.”

“The pair has some decent support around the 1.0715/25 area, below which there is not much support until 1.0500/0515. That is the risk unless tomorrow's US April core PCE deflator shows a sizable fall.”