EUR/USD has rarely ventured outside of a 1.05-1.10 range this year

Currency pairs often gravitate toward the centre of ranges

In October EUR/USD drop became stretched below base 20-week Bollingers

The probability of further U.S. hikes has fallen, 3 cuts eyed next year

Intervention to underpin EUR/CHF during risk aversion would support EUR/USD

Rebalancing of any intervention would later weigh EUR/USD nL1N3BT0J8

Traders slashed EUR/USD longs, investors are long $ - hence struggle to rise

The trend that began last Sept remains intact - U.S. rate cuts may revive it