EUR/USD weaker, drops to lows near 1.1320

The pair comes under further pressure and tests lows near 1.1320.
The greenback looks to advance beyond the 97.00 mark.
Italy back to centre stage on concerns over the budget.

Pablo Piovano FXStreet

The sentiment around the single currency appears deteriorated early in the European morning and is now dragging EUR/USD to fresh daily lows in the 1.1320 region.

EUR/USD looks to Italy, US data

Spot comes under pressure following headlines from the Italian political scenario, where some news cites PM Conte could be assessing the probability of lowering the 2020/21 budget, while newspaper La Repubblica says Salvini and Di Maio will not revise the deficit below the 2% level.

Still in Italy, Salvini, Di Maio and PM Conte are expected to meet later today with the budget on top of the agenda. In addition, Conte is expected to submit the budget plan to EU’s Juncker on Tuesday.

Also weighing on the pair, the US-China trade truce has come under scrutiny as of late following comments by President Trump (as expected).

In today’s calendar, German Factory Orders expanded at a monthly 0.3% in October. Later in the session, US ADP report is due along with Initial Claims, Services PMIs, Factory Orders and the key ISM Non-manufacturing.

EUR/USD levels to watch

At the moment, the pair is losing 0.12% at 1.1330 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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