The pair remains intraday bearish while trading below the 1.1480 level. What can Intraday EURUSD traders expect next? Gain insight into the following technical outlook.
24 October, OctaFX – The euro was little moved even after yesterday’s decision by Brussels to reject Italy’s budget plan for 2019.
In recent weeks, the new Italian government has been in talks with the EU regarding the proposal, but the country has now been told they need to redraft the budget which proposed a controversial deficit equal to 2.4 percent of the country’s annual output – a figure much higher than the deficit goal promised by the previous Italian administration.
Today, traders will continue to focus on the budget issue. They will also receive important PMI numbers from Germany and the EU.
EURUSD Technical Outlook
Yesterday, the EURUSD pair had a false upward breakout. This ended when the pair reached a high of 1.1492.
Today, it was little moved in the Asian session as traders waited for the important manufacturing data from the EU. The pair will likely test the important support of 1.1430 and attempt a downward breakout.
If it does, and based on the double EMA, the pair will likely continue the downward momentum to the 1.1350 in the next few days.
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