EUR/USD falls to a session low of 1.1411
It's not just EUR/USD that is seeing the euro drop a little. EUR/JPY, EUR/GBP, and EUR/CHF also touched session lows of 126.17, 0.8963, and 1.1354 respectively too. They're not large moves per se but it is notable that the euro is the only one to face some selling pressure.
There are worries about European banks and their reaction to Turkey's credit downgrade but from the futures opening that hasn't really materialised into anything major. Apart from that, Italy continues to be a thorn in the euro's side as the Italian government looks to find a balanced budget to satisfy its campaign promises and also meet the demands from the European Commission.
Last week's Genoa bridge collapse certainly won't help with that as it will push the government to increase spending on infrastructure too.
As for the charts, EUR/USD is now leaning on support at the near-term trendline for the time being. If that breaks, the next key level to eye will be the 1.1400 level followed by the 100-hour MA (red line) @ 1.1376.
