A high technical level at 1.1110 is currently providing the floor for EUR/USD. This marks the 50% retracement of the 25 March to 26 Jan rally and is probably a good level for speculative accounts to book some profits on short EUR/USD positions. But the case for a bounce from this support region is weak. Yes, it looks very likely that the ECB will match a Fed hike in December, but the case for an extended ECB tightening cycle is far weaker than that of the Fed. And despite seasonal trends normally being bullish for EUR/USD in December, we instead think a hawkish Fed will be the dominant theme into year-end and EUR/USD will at some stage want to press the lower end of a 1.10-1.15 range.The eurozone calendar is quiet today, but a few more ECB speakers will likely prove supportive of a hike to 2.75% at the 17 December meeting. Elsewhere, today's national strike in Spain will only remind investors of the political challenges Europe faces later this year and into next.Expect EUR/USD to trade well within a 1.1140-1.1200 range today.