- EUR/USD pared its early gains and has broken previous week low of 1.16458. The pair hits intraday low of 1.16398 and is currently trading at 1.16429. The political uncertainty in Italy is the main event to be watched. Italian President Sergio Mattarella has rejected Finance minister candidate Papolo Savona Mattarella for the good the good of country and financial “savings of families”. With major European and US markets remain closed. Market is expected to remain silent. It is currently trading around 1.16570.
- On the higher side, near term major intraday resistance is around 1.1687 (hourly Kijun-Sen) and any break above will take the pair to next level till 1.1755 (200- H MA)/1.1800.Short term bearish invalidation only above 1.2020 (200- day MA).
- The near term support is at 1.16400 and any convincing break below will drag the pair to next level till 1.1600/1.5530.
It is good to sell on rallies around 1.1710-15 with SL around 1.1760 for the TP of 1.1600/1.15530.
