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EUR/USD: Italian budget and technical picture

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The focus in Europe today and in the coming weeks will be the Italian budget after Fitch lowered their outlook on Italy's fiscal position. The confusion among investors was further exacerbated by the contrasting remarks of members of the Italian government. The finance minister tried to calm markets, but Matteo Salvini and Luigi di Maio said that they will not neglect the good of the people for the opinion of a ratings agency. The market reacted very negatively to these risks.

This morning the euro-dollar dropped from 1,636 to 1,584. The level around 1,158 is a key support level. A break below it will reject the inverse head and shoulders and will be a signal for short positions.

Entry: 1,1575

S/L: 1,1583


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