EURUSD LOOKS PAST ITALIAN BUDGET CONCERNS
The euro is trading in an increasingly narrow range against the US dollar, as market participants await the FOMC interest rate decision later today. The EURUSD pair has looked past concerns over the Italian Budget Deficit this morning, as political infighting between coalition party members threatens to delay the release of the Budget spending target. A clear breakout of the symmetrical triangle pattern should inspire the next short-term directional move.
The EURUSD pair remains intraday bullish while trading above the 1.1730 level, key resistance is found at the 1.1777 and 1.1813 levels.
If the EURUSD pair moves below the 1.1745 level, sellers may test the 1.1730 and 1.1700 support levels.