EUR/USD tumbles to lows near 1.1470

The pair loses further the grip and is now testing lows near 1.1470.
The greenback manages to clinch daily highs in the 96.00 neighbourhood.
Italy, Brexit remains in centre stage so far today.

Pablo Piovano FXStreet

The better tone in the greenback is gathering extra traction on Monday and drags EUR/USD to the area of fresh lows in the vicinity of 1.1470.

EUR/USD focused on Italy, Brexit

After climbing as high as the mid-1.1500s during early trade, the pair met a wave of selling pressure and is now down nearly a cent, hovering over the 1.1475/70 band, or daily lows.

Disappointing headlines from the Brexit negotiations have motivated sellers in the riskier assets to quickly return to the markets, hurting the pair and leaving behind the promising start of the week after agency Moody’s kept Italy’s outlook ‘stable’ despite revising lower its credit rating.

Nothing from the euro-docket today, whereas the Chicago Fed National Activity index came in at 0.17 for the month of September.

EUR/USD levels to watch

At the moment, the pair is losing 0.30% at 1.1479 and a break below 1.1430 (low Oct.9) would target 1.1323 (200-week SMA) en route to 1.1299 (2018 low Aug.15). On the other hand, the next resistance emerges at 1.1550 (high Oct. 22) seconded by 1.1570 (21-day SMA) and then 1.1623 (high Oct.16).

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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