EUR/USD clears daily losses, more downside on the horizon

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• EUR/USD bottomed at a daily low of 1.0521 and recovered towards the 20-day SMA, around 1.0560.
• The Euro faced selling pressure after the ECB held rates steady, and Lagarde acknowledged the Eurozone’s economic struggles.
• The USD gained momentum on strong Q3 GDP data, but lower US yields limited the upwards momentum.
• Focus shifts to PCE data from the US from September.

In Thursday’s session, the EUR/USD dropped to a low of 1.0521 and then stabilised around 1.0560, clearing all of its daily losses.