EURUSD ITALIAN BONDS PRESSURING EURO LOWER
The euro has continued to move lower against the US dollar during the European trading session, as Italian bond yields trade higher over concerns about Italy’s 2019 budget plan. Buyers have so far been able to defend the current monthly trading low, at 1.1431, creating a possible bullish double-bottom pattern formation. However, a clear break below the 1.1431 support level exposes the EURUSD pair to further downside towards the 1.1400 level.
The EURUSD pair is strongly bearish while trading below the 1.1431 level, key support is found at the 1.1400 and 1.1350 levels.
If the EURUSD pair continues to hold above the 1.1431 level, key resistance is found at the 1.1468 and 1.1500 levels.