- The pair’s bullish attempt lost momentum near 1.1490.
- The greenback bounces off lows in the vicinity of 95.80.
- Italy, Brexit, risk trends ruling the sentiment so far.
After printing fresh daily tops in the boundaries of 1.1490, EUR/USD has now come under renewed selling pressure and is gyrating around the 1.1460 region.
EUR/USD keeps looking to Italy for direction
The pair clinched fresh session highs near 1.1490 in early trade following some selling pressure hitting the greenback along with declining US yields.
However, the up move was short-lived and run out of steam soon, motivating sellers to return to the markets as concerns over the delicate political scenario in Italy continue to weigh on investors’ sentiment.
In the meantime, headlines around Brexit are not helping the risk-associated universe either after UK government deemed as unacceptable the EU backstop proposal.
EUR/USD levels to watch
At the moment, the pair is up 0.01% at 1.1466 facing the next hurdle at 1.1508 (low May 29) seconded by 1.1550 (high Oct.22) and then 1.1553 (21-day SMA). On the downside, a breakdown of 1.1432 (low Oct.9) would target 1.1323 (200-week SMA) en route to 1.1299 (2018 low Aug.15).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.