EUR/USD bounces off lows near 1.1550

The pair trades on the defensive although manages to rebound from lows.
The greenback looks to extend the advance beyond the 95.00 handle.
Final EMU CPI figures, FOMC minutes in the limelight today.

Pablo Piovano FXStreet

The offered mood has re-emerged around the single currency on Wednesday and has dragged EUR/USD to test daily lows in the mid-1.1500s so far.

EUR/USD looks to Italy, Brexit, FOMC

The pair is extending the erratic performance so far this week, now returning to the 1.1550 region where it seems to have found some decent support. In the meantime, a sustainable break above 1.1600 the figure remains elusive for the time being and has prompted sellers to cluster just above this level.

Furthermore, investors keep looking to Italy for some extra clues on discussions over the fiscal sector after the government submitted the 2019 draft budget on Monday.

Attention as well remains on the EU-UK Brexit negotiations in light of the upcoming EU Leaders Summit (Thursday and Friday) and today’s working dinner.

In the data space, EMU’s final inflation figures for the month of September are due, while releases in the housing sector, the EIA report and the FOMC minutes are all expected across the pond.

EUR/USD levels to watch

At the moment, the pair is losing 0.10% at 1.1563 and a break below 1.1542 (10-day SMA) would aim for 1.1432 (low Oct.9) and finally 1.1323 (200-week SMA). On the other hand, the next up barrier emerges at 1.1621 (high Oct.16) seconded by 1.1627 (100-day SMA) and then 1.1735 (high Aug.28).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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