EUR/USD sat in the lower third of its three-month range at the end of Q3 2026

EUR/USD closed at 1.1378 at the ECB fixing of 28 September 2026. Over the three months from 1 July to 28 September 2026, the pair ranged between 1.1367 and 1.1699. That puts the close at roughly 3% above the low and about 87 pips below the high, within a range spanning around 332 pips.

Reading the range position

Range position is worked out from where the current rate sits between the period's high and low. A rate close to the low of its range is described as sitting in the lower part of that range, and a rate close to the high as sitting in the upper part, regardless of how it arrived.

At 1.1378 against a low of 1.1367 and a high of 1.1699, EUR/USD sat in the lower third of its three-month range at the close of Q3 2026. The low itself was touched twice in that window, on 28 July and again on 24 September, which means the 28 September close sat only a few pips above a level the pair had already tested twice before.

Why the position is reported this way

A single day's change can look small or large depending on the day either side of it. Range position gives a second reading on the same rate. The two figures answer different questions, and a reader comparing EUR/USD against its range can check the same calculation against the EUR/USD pair page or set it alongside the rest of the market on the pairs index.

Between 1 July and 28 September 2026, EUR/USD's highest ECB reference rate was 1.1699, set on 21 August 2026. The pair's lowest reference rate over the same period was 1.1367, reached twice: on 28 July and again on 24 September 2026. Both are European Central Bank reference rates, set at approximately 14:10 CET for information purposes.

The closing level for the period was the ECB fixing of 28 September 2026, at 1.1378.

Working out where the close sits in the range

Range position places the close between the three-month high and low as a percentage. The calculation runs in three steps.

1. Find the full range: 1.1699 minus 1.1367 gives 0.0332.
2. Find the distance of the close above the low: 1.1378 minus 1.1367 gives 0.0011.
3. Divide the second figure by the first: 0.0011 divided by 0.0332 gives approximately 0.033, or about 3%.

A close positioned at around 3% of the range places EUR/USD close to the bottom of its three-month band. This is our calculation from ECB reference rates; it describes where the 28 September fixing sat relative to the high and low recorded between 1 July and 28 September 2026, not where the rate is likely to go next.

Sources

The high, low and close for EUR/USD are taken from ECB reference rates over the 1 July to 28 September 2026 window. The range position itself is a calculation run on those rates, not a published figure, and is labelled as our calculation from ECB reference rates at the point it first appears. ECB reference rates are set at approximately 14:10 CET and published at approximately 16:10 CET for information purposes only, not as dealing prices, so the close used here will already be out of date by the time it is read.

The three-month window is fixed by calendar date rather than by trading days, which matters when comparing this figure with a range position calculated over a trading-day count elsewhere on the site.

What would change our view

A new three-month high or low set after 28 September 2026 would move the range boundaries and shift the percentage reported here. A revision to any of the underlying ECB reference rates would do the same.

The finding describes where EUR/USD sat within its own recent range. It says nothing about where the rate is likely to go next, and a widening or narrowing of the range in the following quarter would change the context without the Q3 figure itself being wrong.

Corrections

No corrections to this piece. Where a correction becomes necessary, it will be dated here with what changed and why.

Questions about a figure or its calculation can be sent to pitforex. The underlying method is also set out on the methodology page, and the pair's current position can be checked directly with the Where in Range tool.