Chris Turner, Global Head of Markets and Regional Head of Research for UK & CEE at ING, notes that EUR/USD is consolidating in a 1.17-1.19 trading range and may gravitate to the 1.1800 area for a large options expiry at 16 CET today. 

"Net speculative long EUR positioning continues to grow to extreme levels portraying a conviction view that the recent EUR/USD rally constitutes the start of a new, major bull trend."

"We certainly back a stronger EUR/USD into November – and Fed policy looks set to weigh heavily on the dollar – although we think the result of the election will have a major impact on the dollar trend for 2021. The Eurozone data calendar looks unlikely to have too much bearing on EUR/UD this week."