Rate managed to extend its corrective...>

EURO-DOLLAR: Rate managed to extend its corrective recovery from Tuesday's low

of $1.1228 to $1.1294 during Wednesday's European morning, with risk providing

the barometer for USD strength via equity performance. Early equity gains,

adding to Tuesday's late recovery, saw pressure on the USD which allowed EUR/USD

to touch the mentioned high. However, this positive risk outlook faded ahead of

the NY open and rate eased off to $1.1225, probing for stops below Tuesday's

low, before edging back to $1.1255 into the NY open. Reports of accelerations in

the COVID case count for Texas and Florida weighed again on risk/equities which

acted to press rate to $1.1207 before meeting willing buyers which kept rate

bouyed above $1.1200. A slow equity recovery allowed EUR/USD to nudge back

toward $1.1240(38.2% $1.1294-07) as Europe leaves for the day. A break here to

open a move toward $1.1255/60 ahead of $1.1273 and $1.1294. Support remains into

$1.1200/1.1195.

- ECB publishes its Economic Bulletin 0900BST Thursday.

- Equity market performance/risk outlook to continue providing directional

impetus.