EUR: Range break-out – ING

FXStreet Insights Team FXStreet

EUR/USD has broken to the topside of a 10-week trading range, and it looks hard to resist the move, ING's FX analyst Chris Turner notes.

FOMC is approaching

"Two-year EUR:USD swap rate differentials have narrowed around 50bp in favour of the euro over those 10 weeks."

"As above, tonight's FOMC will be the dominant theme now, and we'd expect good demand for EUR/USD on any corrective dip to the 1.1750/1780 area during Powell's press conference. Seasonality now builds against the dollar – especially in November and into December – and 1.1910 looks like the final resistance level before 1.20 is hit."

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FXStreet Insights Team

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