EUR/USD finishes the day at a fresh yearly low

Conflicting Italian budget, no Brexit deal, and plummeting equities all conspired to strengthen the USD Monday. Italy subject to sanctions if it doesn't present a better 2019 budget to the EU Commission.

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Italy offers to change GDP estimate as EU demands revised budget

Italy has said they will not change their deficit spending plans setting up a potential test of the Commission’s never used enforcement mechanism.  

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Litecoin Price Analysis: LTC/USD doesn't have the momentum behind bull move for now

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Ripple's XRP Technical Analysis: XRP/USD breaks out from bull flag set up, here come the bulls

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Bitcoin Cash price analysis: Impending bearish channel breakout banks on Nov 15 hard fork

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EUR/USD: Euro approaches technical support at 1.12120

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Yohay Elam

The EUR/USD attempted a recovery but found itself on the back foot once again

The EUR/USD hit a new high of 1.1500 but was unable to hold onto it. The failure resulted in a gradual drop to the bottom of the range. The US Mid-Term elections yielded a divided government: Democrats won the House and Republicans retained the Senate, a result that had been forecast by the polls.



Yohay Elam

EUR/USD fell sharply on a mix of bad news from Italy, Brexit concerns, and the ongoing strength of the US Dollar. While it bounced off the lows, there is some hesitance. What's next?

The Technical Confluences Indicator shows that the pair needs to overcome the 1.1272 level where we see the convergence of the Pivot Point one-month Support 1, the Bollinger Band 15m-Upper, the Simple Moving Average 5-15m and the previous high.

If EUR/USD makes a move higher, the next significant cluster is 1.1319 where we see the confluence of the Pivot Point one-day S1, the SMA 100-15m, and the previous day's low.

If it does not recover and the current bounce is only a "dead cat bounce", the next and last visible support line is at 1.1202 which is the meeting point of the Pivot Point one-month S1 and the PP one-week S2.

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