EUR/USD broke below the key 1.0800 level. It is risky to pick a bottom, according to economists at ING.

Squeezing still in progress

We must remember that EUR/USD was the biggest G10 long positions entering the US debt-ceiling chaos, and since the latest development turned out to be positive for the Dollar, we are probably seeing a substantial long-squeeze in the pair.” 

“There is considerable room for a hawkish repricing in Fed rate expectations, so it’s risky to pick a bottom in EUR/USD. The next real support level will probably be at 1.0700.”