EUR/USD around 1.1400 focused on Italy, Germany
|- The pair looks for direction in the 11.400 neighbourhood on Monday.
- The greenback has started the week sidelined around 96.40.
- Germany, Italy, US data releases to drive sentiment today.
After bottoming out in the 1.1330 region last Friday, EUR/USD has managed to regain some attention and is now lingering over the key 1.1400 handle.
EUR/USD attention to data, Italy
The pair met some decent support in the 1.1390 region at the beginning of the week while market participants continue to assess the recent results from the state election in Hesse (Germany), where Merkel’s party suffered a significant drop in voter’s support.
On the brighter side, agency S&P kept Italy’s credit rating unchanged over the weekend, although it revised the country’s outlook to ‘negative’. In addition, PM Conte hinted at the likeliness that the government could re-assess parts of the recently submitted (and rejected) 2019 draft budhet.
Looking ahead, nothing relevant data wise in Euroland, whereas inflation figures tracked by the PCE and Personal Income/Spending are all due across the pond.
EUR/USD levels to watch
At the moment, the pair is up 0.05% at 1.1408 and a break below 1.1332 (low Oct.26) would target 1.1316 (200-week SMA) en route to 1.1299 (2018 low Aug.15). On the flip side, the immediate hurdle aligns at 1.1456 (10-day SMA) seconded by 1.1497 (21-day SMA) and finally 1.1550 (high Oct.22).
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