Holds Lower Levels After Tuesday Pullback

A returning full NY session, following Monday's Columbus Day holiday, saw EUR/USD come under stronger downside pressure, the rate pressed to a low of $1.1731 in post fix trade in mainly USD led trade, closing the day around $1.1745. Asia consolidated around Tuesday's close, trade contained within a range of $1.1735-51, with some of Tuesday's USD strength seen pared back. EZ IP at 1000BST provides the morning data interest. Plenty of ECB speakers, Lagarde at 0900BST, Mersch at 1200BST, Lane(1300BST), Villeroy(1500BST) and de Cos at 1515BST. Focus on this week's EU Summit Thu/Fri, Brexit and Recovery Funding to be discussed. Support $1.1735/30, $1.1700/1.1696(Oct02 low, 61.8% 1.1612-1.1831). Several reports highlight $1.1680 as a key level on the downside. Resistance $1.1750, $1.1780. COVID spread remains a factor in Europe along with US election, fiscal negotiations.

MNI Techs: EURUSD reversed course Tuesday selling off sharply. Attention is on the near-term key support that lies at 1.1725, Oct 7 low. A break of this level would negate recent bullish signals and signal scope for deeper pullback, exposing support at 1.1612, Sep 25 low and the key bear trigger. If 1.1725 holds, the focus will once again turn to key resistance at 1.1831, Oct 10 high. A break resumes recent bullish pressure.