Current trend
Since the opening of the European trading session, the EUR/USD pair has been declining. The European currency remains under pressure, as Italy’s banking system is facing difficulties due to the increased number of bad loans. Many commercial banks need additional capital, and shares in Banco Popolare, one of Italy’s largest banks, lost 14 percent.
Weak data on the eurozone’s industrial production has had a negative impact on the Euro as well. The indicator came in at -0.8%, far below analysts’ forecast.
Support and resistance
RSI has reached the 36 level, and the pair still has potential for further fall. A correction can start from the level of 1.1364.
The nearest support level is at 1.1364.
The nearest resistance level is at 1.1449.
Trading tips
Long positions can be opened from the level of 1.1364 with the target at 1.1400 and stop-loss at 1.1345.
Since the opening of the European trading session, the EUR/USD pair has been declining. The European currency remains under pressure, as Italy’s banking system is facing difficulties due to the increased number of bad loans. Many commercial banks need additional capital, and shares in Banco Popolare, one of Italy’s largest banks, lost 14 percent.
Weak data on the eurozone’s industrial production has had a negative impact on the Euro as well. The indicator came in at -0.8%, far below analysts’ forecast.
Support and resistance
RSI has reached the 36 level, and the pair still has potential for further fall. A correction can start from the level of 1.1364.
The nearest support level is at 1.1364.
The nearest resistance level is at 1.1449.
Trading tips
Long positions can be opened from the level of 1.1364 with the target at 1.1400 and stop-loss at 1.1345.