EUR/USD under pressure near 1.1320

The pair comes under further selling pressure and drops to 1.1320.
The greenback manages to retake 97.00 and above.
Attention on Italian politics, Brexit talks

Pablo Piovano FXStreet

The offered bias around the European currency remains unchanged for yet another session on Wednesday and has forced EUR/USD to recede to fresh lows in the 1.1320 region.

EUR/USD looks to Italy, PMIs

Spot is down for the second session in a row, fading the optimism seen at the beginning of the week in the wake of a fairly positive outcome from the G20 meetin in Argentina.

In the meantime, volatility in the global markets are expected to be reduced in light of the holiday in the US markets following the death of former President G.Bush.

Back to Euroland, the focus of attention should remain on Italian politics, as a revised version of the 2019 draft budget could be announced any time soon. In addition, market participants continue to closely follow the debate of PM T.May’s Brexit plan in the House of Commons.

In the data space, Retail Sales in the euro area are expected later in the morning along with final Services PMIs in the rest of the bloc.

EUR/USD levels to watch

At the moment, the pair is losing 0.12% at 1.1329 facing the next support 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). On the flip side, a breakout of 1.1418 (high Dec.4) would target 1.1434 (high Nov.22) en route to 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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