The minutes published for the September meeting, where the European Central Bank (ECB) increased interest rates by 75 basis points for the first time in its history, stated that the members evaluated that inflation is very high and that it would be fixed above the target for a long time. However, while members draw attention to recession risks in the face of further 75 basis points interest rate hikes, sales in the euro seem to have increased. Technically, as indicated by the Fibonacci time zones, the parity, which started to decline from the second peak, can give back its gains until 0.9740 if it can confirm the trend change by breaking the 0.9805 support. Above, 0.9920 – 0.9985 range will continue to be strong resistance zone.

Support: 0.9805 – 0.9740 – 0.9675
Resistance: 0.9920 – 0.9985 – 1.0050