TD Research discusses EUR outlook and sees room for further downside toward the 1.1027 low in the near-term.

"Besides Europe, much of the attention rests on the slowdown implications of the US yield curve inversion. For many, its hard to ignore the gap between US equities and points of the curve. Still, the Fed's Q3 Nowcast sits around 1.76%, suggesting it not panic time," TD notes.

"In turn, EURUSD should retest the 1.1027 lows, though still prefer EURSEK upside. That's a trade which capturesthe pricing mismatch to cyclicals," TD adds.