EUR/USD remains depressed near 1.1320, Fedspeak eyed

The pair stays under pressure near 1.1320 on Tuesday.
The buying tone around the buck remains unchanged so far.
Fedspeak, Brexit, Italy in centre stage today.

Pablo Piovano FXStreet

The bearish note around the single currency remains well and sound in the first half of the week and is now prompting EUR/USD to trade in the lower bound of the weekly range.

EUR/USD attention to Brexit, Italy

The pair came under further downside pressure today following another round of negative headlines around Brexit negotiations.

Regarding Italy, Conte’s government announced the debate around the 2019 draft budget is expected to start on December 3. In this regard, latest news said the projected deficit could tick a tad lower to 2.3% or 2.2% (from 2.4%), although everything still remains unconfirmed

In the data space, Italian Business Confidence came in at 104.4 and Consumer Confidence at 114.8. Later in the NA session, the greenback will be in the limelight following speeches by VP R.Clarida (permanent voter, dovish), KC Fed E.George (2019 voter, hawkish), Chicago Fed C.Evans (non voter, centrist) and Atlanta Fed R.Bostic (voter, centrist).

Further US releases will see the S&P/Case-Shiller Index along with the final gauge of CB’s Consumer Confidence for the current month.

EUR/USD levels to watch

At the moment, the pair is losing 0.10% at 1.1317 and a break below 1.1301 (low Oct.31) would target 1.1214 (2018 low Nov.12) en route to 1.1188 (61.8% Fibo of the 2017-2018 rally). On the flip side, the next barrier is located at 1.1362 (21-day SMA) seconded by 1.1434 (high Nov.22) and finally 1.1473 (high Nov.20).

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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