- 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.
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).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.