Euro stays pressured as Italy woes continue to weigh

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EUR/USD moves to a low of 1.1613


Price now currently leans on support from the 200-bar MA (blue line) on the 4-hourly chart @ 1.1618. The next support level below that is the 1.1600 handle. It’s been a bit of a rough day for the euro as Italy’s budget worries continue to impact sentiment in a time when economic data is holding up decently (German inflation figures yesterday were solid while France and Spain today held up alright, and Germany’s unemployment rate fell to a record low again).
EUR/USD has quickly bounced a little now to 1.1629 but given the fact that we’re trading well below the two key hourly moving averages (near-term bias is more bearish), the single currency is very much expected to stay pressured until the fog is lifted on Italy’s budget woes.
The break back below the two key hourly moving averages overnight along with the 100-day MA already shows that sellers are poised to drive price lower again. A break of the 200-bar MA will be the final straw to turn the momentum bearish back towards the 1.1500 levels.
Support— 1.1618 (200-bar MA on H4)- 1.1600 (bids, swing region)- 1.1560-70 (swing region)- 1.1530 (swing region)- 1.1500 (bids, swing region)
Resistance— 1.1653 (100-day MA)- 1.1675 (100-bar MA on H4)- 1.1700 (offers, swing region)- 1.1724-32 (200-hour MA, 100-hour MA)



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