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EUR/USD bounces back to 1.1400 on Italian budget vote news

  • Bulls take back charge as Italy’s parliament said to vote on the budget by Dec 29th.
  • Resurgent US dollar supply lift EUR/USD back to the 1.14 handle.

The bulls regained poise in Thursday’s European trading, now pushing the EUR/USD pair for a retest of the 1.14 handle, as fresh Italian budget vote reports combined with broad USD selling offer some support.

The Italian daily newspaper, La Repubblica, reported that the Italian parliament is said to vote on the budget by Dec 29th, maintaining the deadline for the budget approval that is by end of this year.

Further, the renewed weakness seen in the US dollar across its main competitors also collaborated to the revival of the recovery in the spot from near 1.1370 region. The greenback stalled its tepid bounce and came under heavy selling pressure amid a sell-off in the US equity futures and Treasury yields, as the risk sentiment sours on worries over the partial US government shutdown.

However, it remains to be seen whether the major extends its recovery mode above the 1.14 handle, as the latest European Central Bank (ECB) economic bulletin stated that significant monetary stimulus is still needed, which could turn out be an EUR-negative.

EUR/USD Technical Levels

EUR/USD

Overview:
    Today Last Price: 1.1393
    Today Daily change: 39 pips
    Today Daily change %: 0.343%
    Today Daily Open: 1.1354
Trends:
    Previous Daily SMA20: 1.1366
    Previous Daily SMA50: 1.1374
    Previous Daily SMA100: 1.1479
    Previous Daily SMA200: 1.1679
Levels:
    Previous Daily High: 1.1422
    Previous Daily Low: 1.1343
    Previous Weekly High: 1.1486
    Previous Weekly Low: 1.1302
    Previous Monthly High: 1.15
    Previous Monthly Low: 1.1216
    Previous Daily Fibonacci 38.2%: 1.1373
    Previous Daily Fibonacci 61.8%: 1.1392
    Previous Daily Pivot Point S1: 1.1324
    Previous Daily Pivot Point S2: 1.1294
    Previous Daily Pivot Point S3: 1.1246
    Previous Daily Pivot Point R1: 1.1403
    Previous Daily Pivot Point R2: 1.1451
    Previous Daily Pivot Point R3: 1.1481

 

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