EUR/USD clings to gains near 1.1460, Italy on sight

The pair remains under pressure near the 1.1450 area.
The greenback stays bid, flirts with the 96.0 handle.
Italy, Brexit, EU Leaders Summit all remain focused so far.

Pablo Piovano FXStreet

The sentiment around the European currency remains fragile at the end of the week, prompting EUR/USD to drop and test fresh lows in the mid-1.1400s.

EUR/USD weaker on Italy

After losing ground for three consecutive sessions, spot is now struggling for direction near 1.1450 against the backdrop of rising concerns over Italy, lack of progress in the Brexit negotiations and a robust demand for the greenback.

In fact, Italy remains in centre stage after EU officials voiced on Thursday their opposition to the recently submitted 2019 draft budget, offsetting positive comments by President Draghi on the outlook for Euroland. Adding to the ongoing downbeat mood around EUR, Draghi also noted risks from countries challenging rules in the euro bloc.

Nothing noteworthy from the EU Leaders Summit yet, where Brexit remains in the centre of the debate as long as Italian politics.

Today’s calendar includes EMU’s Current Account figures for the month of August, while Existing Home Sales and speeches by Atlanta Fed R.Bostic (voter, centrist) and Dallas Fed R.Kaplan (non voter, centrist) are due across the pond.

EUR/USD levels to watch

At the moment, the pair is up 0.04% at 1.1459 facing the next resistance at 1.1508 (low May 29) seconded by 1.1523 (10-day SMA) and then 1.1578 (21-day SMA). On the flip side, a break below 1.1432 (low Oct.9) would target 1.1323 (200-week SMA) en route to 1.1299 (2018 low Aug.15).

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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