Euro shrugs off political turmoil in Italy

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The euro is at a session high at 1.2941.

EUR/USD is climbing back above its 55-day moving average after holding support at 1.2875.

The main chart feature remains the double top above 1.31 but the rebound can low extended to 1.3000 without encountering any significant resistance.

Italian yields have been a driver today — they are much higher but 10 bps below the 4.90% high.

Author: Adam Button

Adam Button is the managing editor of ForexLiveâ„¢. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes there's an edge in knowing every tidbit of news. He was formerly the head of the markets team at the Canadian Economic Press and is a graduate of Ryerson University. Adam lives in Montreal, follow him on Twitter: @FX_Button.

2 Comments

  1. Hi Adam

    What are the chances that it goes on to hit 1.3100?

    It is rebounding from the last range (Hi: 1.3126 Lo: 1.2660) on the 50% Fibo (daily chart).

    Do we need another green candle to make that confirmation?

    Thanks
    Daryl

  2. Eventually, we’ll get there but there’s a chance 1.2875 breaks first. We’ll have to keep an eye on the news and go on that, unfortunately.

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