EUR/USD struggles for direction around 1.1320

The pair rebounds from lows in the 1.1320/10 band.
The greenback climbs and tests fresh tops near 97.10.
Focus stays on Fedspeak, trade, Italy and Brexit so far.

Pablo Piovano FXStreet

EUR/USD continues to struggle for direction during the first half of the week and is now approaching the 1.1320 region, or weekly lows so far.

EUR/USD looks to Brexit, Fedspeak

The mood around the European currency remains tilted to the negative side so far this week, forcing the pair to recede further and re-test the vicinity of the critical 1.1300 the figure on Tuesday.

Omnipresent uncertainty around Brexit and the future of May’s government, the effervescence around Italian politics with centre in the 2019 budget draft and some soft data from Euroland keep weighing down on spot and prompt bears to remain in control in the near term.

Looking ahead, the speech by ECB’s Mersch and Italian Business/Consumer Confidence are due in Euroland. In the US calendar, FOMC’s Evans, Clarida, Bostic and George are due to speak later ahead of the final CB’s Consumer confidence gauge for the month of November. In addition, house prices tracked by the S&P-Case/Shiller Index are also expected.

EUR/USD levels to watch

At the moment, the pair is gaining 0.03% at 1.1331 facing the next barrier at 1.1362 (21-day SMA) seconded by 1.1434 (high Nov.22) and finally 1.1473 (high Nov.20). On the flip side, 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).

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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