TD Research discusses its expectations for EUR/USD direction around tomorrow's ECB October policy meeting.
"We expect the ECB to leave policy on hold, and to provide no new information regarding the conclusion of QE later this year. While risks are likely to remain balanced, we expect a somewhat downbeat tone to the press conference, as Draghi acknowledges that downside risks have somewhat intensified," TD projects.
"Dovish risks appear to be well reflected in EURUSD with key support emerging at 1.13. Appetite to push below should be low ahead of US mid-terms though balanced ECB risks may offer modest relief to EURUSD...
Some relief in EURUSD on balanced risks towards 1.1480, but capped ahead of 1.1510 short-term trend resistance," TD adds.