Euro Retraces Losses Following Strong Italian Confidence Figures

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The EUR/USD edged higher moving back toward the breakdown level which now appears to be resistance just shy of 1.1065 ahead of the Fed and BoJ policy meetings. Other currencies are similarly subdued. ECB member Hansson proved a reminder that not all council members are of a dovish mind-set, saying that he doesn’t see any “convincing reason” to consider further policy action in December. The risk on the currency pair is still tilted to the downside with the ECB having readied the stimulus spigot for a potential December move. This comes despite a worse than expected U.S. durable goods orders reported on Tuesday.

Italian confidence surged in October, with the consumer confidence reading jumping to 116.9, while September was revised up to 113.0 from 112.7 reported previously. Business confidence jumped to 105.9 from 104.4 and economic confidence improved to 107.5 from 106.1.

EUR-USD support is near 1.1000, and resistance is at 1.1065. Additional resistance on the currency pair is seen near the 10-day moving average at 1.12. Momentum remains negative with the MACD printing in the red with a downward sloping trajectory.

The post Euro Retraces Losses Following Strong Italian Confidence Figures appeared first on Forex Circles.

Source:: Euro Retraces Losses Following Strong Italian Confidence Figures

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