EURUSD Analysis: Is the Euro trying to turn back up? [Video]
EUR/USD struggles around 1.1400, Italy weighs
Poor US data and talks the Fed may pause its rate hike cycle next spring hit the greenback, although Italian untouchable 2.4% budget deficit limits demand for the common currency. Better market mood keeping the pair afloat.
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EUR/USD tumbled down as the global mood soured. Yet after the big drops in stocks and oil, things look calmer now. What's next?.
The Technical Confluences Indicator shows that the world's most popular currency pair faces some resistance around 1.1405 as this is the convergence of the Bollinger Band 4h-Middle and the Fibonacci 38.2% one-day.
Much more robust resistance awaits around 1.1423 where we see a dense cluster including the Simple Moving average 10-4h, the Fibonacci 38.2% one-month, the SMA 200-15m, the SMA 50-1h, last week's high, and the Bollinger Bands one-hour Upper.
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