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Forex: EUR/USD around 1.3200 in Italy's hands

With Italian elections still underway until Monday afternoon when first results will be known, and ahead of HSBC manufacturing PMI China at 01:45 GMT, EUR/USD has opened higher in early Asian session trade to start the week off, printing fresh weekly highs around 1.3220, just to ease back to session lows at 1.3185, now trading at 1.3200 round last. The pair is slightly higher from previous weekly close Friday, up 12 pips last.

As Valeria Bednarik notes, Chief Analyst at Fxstreet.com: “the hourly chart shows a neutral stance with indicators flat around their midlines. In the 4 hours chart,” she expands, “technical readings corrected extreme oversold levels, although price remains limited to the upside, which suggest selling interest around remains strong. The pair offers little interest at this point, yet the downside remains favored, with a break below 1.3150 being understood as a downside continuation sign,” the analyst concludes.

Valeria finds support levels at: 1.3150, 1.3110 and 1.3080, while resistance levels at: 1.3210, 1.3245 and 1.3290.

Forex Flash: First Italian exit polls at 2pm London time - Wetpac

Italian elections, while somewhat overshadowed by events in the UK, Japan and even the Oscars award ceremony, is the key risk event for the European session. Polling booths are opened all Sunday and open again from 7am until 3pm Italian local time on Monday.
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