EUR/USD moves higher to 1.1360, focus on Italy

The pair navigates a tight range between 1.1320 and 1.1350.
The US Dollar Index sticks to gains above the 97.00 handle.
EMU’s Retail Sales expanded at a monthly 0.3% in October.

Pablo Piovano FXStreet

The demand for the single currency stays somewhat apathetic on Wednesday, while EUR/USD navigates a narrow range between 1.1320/50.

EUR/USD looks to Italy, trade

The pair rebounds from daily lows in the 1.1320 zone amidst a generalized rangebound mood in the global market along with thin trade conditions due to the holiday in the US markets.

Market participants, in the meantime, keep looking to Italy and the Brexit negotiations for direction, where the probable revision of the 2019 budget and the debate in the House of Commons remain in centre stage, respectively.

In the euro docket, Retail Sales in the region expanded 0.3% MoM in October and 1.7% from a year earlier. Later in the NA session, the Fed’s Beige Book is only due while the ADP employment report and the ISM non-manufacturing were postponed for tomorrow.

EUR/USD levels to watch

At the moment, the pair is gaining 0.12% at 1.1357 and a breakout of 1.1418 (high Dec.4) would target 1.1434 (high Nov.22) en route to 1.1473 (high Nov.20). On the other hand, the next support emerges at 1.1264 (low Nov.28) followed by 1.1214 (2018 low Nov.12) and finally 1.1188 (61.8% Fibo of the 2017-2018 rally).

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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