EUR/USD - 1.1714


Despite the euro's resumption of upmove from September's 8-week trough at 1.1613 to a 2-1/2 week high at 1.1831, yesterday's selloff to 1.1689 in New York on safe-haven usd buying suggests temporary top is made and subsequent rebound would bring choppy sideways swings before prospect of another fall to 1.1660/65, however, oversold condition should keep price above 1.1613.

On the upside, only above 1.1741 indicates low made and risks stronger retracement to 1.1770 before retreat.

On the data front, Italy will kick off with CPI at 08:00 GMT and at 09:00 GMT, we have Italy trade balance and EU trade balance, HICP, core HICP.
Later in New York afternoon, ECB board member Andrea Enria is scheduled to speak at 16:55 GMT.

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