{"id":136002,"date":"2018-10-24T07:41:09","date_gmt":"2018-10-24T11:41:09","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=136002"},"modified":"2018-10-24T06:42:05","modified_gmt":"2018-10-24T10:42:05","slug":"eurusd-italian-debt-selloff-piling-pressure-on-the-euro","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/10\/eurusd-italian-debt-selloff-piling-pressure-on-the-euro\/","title":{"rendered":"EURUSD: Italian debt selloff piling pressure on the euro"},"content":{"rendered":"<div id=\"inves-933866606\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 24, 2018<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By <a href=\"https:\/\/alpari.com\/en\/analytics\/analysts\/anthony\/\">Matthew Anthony, Alpari<\/a><\/strong><\/p>\n<div class=\"reviews-item__content\">\n<p><strong><em>Previous:<\/em><\/strong><\/p>\n<p>On Tuesday the 23<sup>rd<\/sup>\u00a0of October, trading on the euro closed slightly up. Despite the bulls\u2019 efforts to recover their losses, they were held back by the uncertainty surrounding Italy and the UK.<\/p>\n<p>The European Commission has officially requested the Italian government to revise its 2019 budget in accordance with the EU\u2019s fiscal requirements.<\/p>\n<p>Italian Prime Minister Giuseppe Conte has said that the government has no plans to change its budget. Italian 10-year bond yields jumped to 3.60%, rising further to 3.62% in today\u2019s Asian session.<\/p>\n<p><strong><em>Day\u2019s news (GMT+3):<\/em><\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>10:15 France: Markit manufacturing PMI (Oct), Markit services PMI (Oct).<\/li>\n<li>10:30 Germany: Markit manufacturing PMI (Oct), Markit services PMI (Oct).<\/li>\n<li>11:00 Eurozone: Markit manufacturing PMI (Oct), Markit services PMI (Oct), M3 money supply (Sep), private loans (Sep).<\/li>\n<li>11:30 UK: BBA mortgage approvals (Sep).<\/li>\n<li>16:00 US: housing price index (Aug).<\/li>\n<li>16:45 US: Markit manufacturing PMI (Oct), Markit services PMI (Oct).<\/li>\n<li>17:00 Canada: BoC interest rate decision.<\/li>\n<li>17:00 US: new home sales change (Sep).<\/li>\n<li>17:30 EIA crude oil stocks change (19 Oct).<\/li>\n<li>18:15 Canada: BoC press conference.<\/li>\n<li>21:00 US: Fed\u2019s Beige Book.<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/620_5bd021f01dca8.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart.<\/p><div id=\"inves-3263481757\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p><strong><em>Current situation:<\/em><\/strong><\/p>\n<p>On Tuesday, the pair made it to the 45<sup>th<\/sup>\u00a0degree, but to the one that was at 1.1508 before the pair reached new lows. The situation in Italy won\u2019t allow the euro to make any significant gains against the greenback.<\/p>\n<p>The technical pictures contradict each other on different timeframes. To me, this means that we can expect the EURUSD pair to fluctuate today. Based on the hourly and 4-hour timeframes, I\u2019m going to risk predicting a return to the 45<sup>th<\/sup>\u00a0degree at 1.1495. I\u2019m not ruling out a test of the 1.1440 mark. This will depend on how the situations in Italy and the UK develop. If we get any negative news, expect 1.1440 to be tested. As long as the Italian budget remains unresolved, it\u2019s very risky to open long positions on the euro with the current price formations.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: Italian debt selloff piling pressure on the euro<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Matthew Anthony, Alpari Previous: On Tuesday the 23rd\u00a0of October, trading on the euro closed slightly up. Despite the bulls\u2019 efforts to recover their losses, they were held back by the uncertainty surrounding Italy and the UK. The European Commission has officially requested the Italian government to revise its 2019 budget in accordance with the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-136002","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/136002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=136002"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/136002\/revisions"}],"predecessor-version":[{"id":136005,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/136002\/revisions\/136005"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=136002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=136002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=136002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}