{
  "id": 17900757,
  "title": "Euro remains on defensive below 1.1200 as USD stabilizes ahead of US midterm elections",
  "url": "https://urgent.news/2026/11/03/euro-remains-on-defensive-below-1-1200-as-usd-stabilizes-ahead-of-us",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-03T01:44:51.000Z",
  "source": {
    "name": "FXStreet",
    "slug": "fxstreet",
    "url": "https://www.fxstreet.com/news/euro-remains-on-defensive-below-11200-as-usd-stabilizes-ahead-of-us-midterm-elections-202611030144"
  },
  "original_language": "en",
  "account": "The EUR/USD pair traded with a slight negative bias on Tuesday in the Asian session, nearing the 1.1200 level after a modest decline from the previous day's peak. Current prices sat just below the 1.1200 mark, but the downward movement lacked follow-through as traders remained cautious ahead of US midterm elections. Prediction markets favored Democrats winning the House, while a Republican sweep would be a significant market surprise, potentially boosting US Treasury yields and the USD. Election results could introduce short-term volatility and prompt the EUR/USD pair. Meanwhile, positive US macro data and hawkish Federal Reserve (Fed) bets supported the USD. The Institute for Supply Management's Manufacturing PMI rose to 55.5 in October, marking the 10th consecutive month of expansion. The CME Group's FedWatch Tool suggested a greater than 70% probability of a December rate hike, buoying the USD. President Trump mentioned Iran's desire for a deal to end the conflict, and Iranian Foreign Minister Abbas Araqchi stated that intense consultations were underway. However, weeks of negotiations between Iranian officials and Qatar mediators failed to achieve major progress, maintaining geopolitical risk in the EUR/USD pair. This may hinder aggressive bearish bets on the USD and cap gains, supporting the EUR/USD pair. Traders awaited US JOLTS Job Openings data and flash Eurozone CPI and ISM Services PMI reports before the US Nonfarm Payrolls (NFP) report on Friday. The EUR/USD pair was under the 200-period Simple Moving Average on the 4-hour chart, indicating a bearish tone. A break below the trading range support near the 1.1100 level could confirm the bearish outlook and trigger deeper losses. The upside resistance lay at the 200-period SMA at 1.1267. Bulls would need to reclaim this barrier to remove downside pressure and open the door to a more positive bias.",
  "summary": "The EUR/USD pair trades with a mild negative bias during the Asian session on Tuesday, looking to extend the previous day's modest pullback from the 1.1235 area, or a one-and-a-half-week top.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}