- EUR/USD recovers to trade above the 1.11 handle as fresh bids emerged for the pair near lows, pushing the pair higher
- The pair remains pressured on rising expectations for Dec QE extension/expansion after Thursday’s ECB meet
- EUR/USD dived to two-month lows at 1.1076 in early Asia, and is rebounding from the solid support at trend-line by 1.1100
- A close below 200-DMA at 1.1121 on the day cloud see further downside to 1.1016 levels, further below major channel support at 1.0820
- On the upside immediate resistance is located at 1.1177 (Sept 7 high) ahead of 1.12
- Later in the day Euro area October flash PMIs will be a focal point, while the major will track the sentiment across equities
Resistance Levels:R1: 1.1121 (200 DMA)R2: 1.1177 (Sept 7 high) R3: 1.12 Support levels:S1: 1.11 (trend-line support)S2: 1.1016 (Double bottom Aug 18,19)S3: 1.0820 (major channel support)
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