Daily Technical Outlook on Major - EUR/USD
EUR/USD trades around 1.1100 amid the Italian crisis, ahead of Fed minutes
EUR/USD is trading around 1.1100, in familiar ranges. Italian President Mattarella will explore if a new government can be formed after PM Conte resigned. The FOMC Minutes are eyed later in the day.
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Updated euro-zone GDP, the US consumer, and trade are eyed
"When two are fighting, the third wins" – goes the saying. The euro has benefited from the intensifying US-Sino trade spat. China has devalued its yuan and triggered a rush to safety that weighed on the USD. Will this continue? Back in the euro-zone, updated GDP data, a German business survey, and Italy's political issues will compete for attention with the US consumer.
GBP/USD has recovered after German Chancellor Angela Merkel opened the door to a solution on the controversial Irish backstop topic that the UK government opposes. Can sterling continue higher?
The Technical Confluences Indicator is showing that GBP/USD enjoys some support at 1.2141, which is the convergence of the Simple Moving Average 200-15m, the SMA 50-1h, the Fibonacci 38.2% one-day, the Fibonacci 23.6% one-week, and the SMA 100-15m.
Stronger support awaits at 1.2215, where we note the confluence of the Fibonacci 38.2% one-week, the SMA 5-1d, and the previous monthly low.
Looking up, only weak resistance awaits at 1.2180, where the Bollinger Band one-day Middle, the BB 15min-Upper, and the previous 4h-high converge.
The next target is 1.2211, where the BB 1h-Upper, the PP 1w-R1, and the PP 1d-R1 meet.
