Stronger than expected Q3 GDP from France (+0.5% Q/Q) helped lift Eurozone growth to a better–than-expected 0.2% in the quarter and 1.3% in the year, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

ECB is expected to hold

"The data gave the EUR a mild lift ahead of this morning’s ECB policy decision, where a third consecutive hold is likely. President Lagarde may reaffirm that policy is in a 'good place' right now as policymakers assess developments, pointing to steady rates persisting for some time."

"Spot is holding with recent ranges but the heavy sell-off in the EUR from yesterday’s intraday high strengthens resistance in the 1.1665/70 zone and rather tilts risks towards a retest of support at 1.1580. Key support is 1.1540."