Moves back to the Euro Dark Side after earlier comments were less confrontational

Italy's League head Matteo Salvini is on the wires saying:

  • Italy can say ' No' to Paris, Berlin, Brussels

The comments run counter to earlier less confrontational comment saying:

  • European commissioners mustn't worry about the direction of the new Italian government

Meanwhile, a spokesman for Italian Pres. Sergio Mattarella, who has to approve the new proposed new prime minister Giuseppe Conte, said:

  • Italian Pres. needs time to reflect on party's choice for prime minister

Expect more political ups and downs in Italy that could keep a lid on EURUSD rallies.

Nevertheless, the EURUSD trades near unchanged levels after successfully holding key support earlier in the day at the 1.1713-17 area (see earlier post). The 100 hour MA is approaching the price. It stands at 1.1796 and moving lower. The high for the day reached 1.1778. The price action is up and down in the NY session.

If the low is in place (off the key support holding today), eye the 1.1748-62 for support.


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