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EURO-DOLLAR: *Correct* (change Thursday to yesterday)
EUR/USD continues to soften and last deals at intraday lows of $1.1436, 38 pips
lower on the day, with EUR currently at the bottom of the G10 pile. This occurs
as Brexit impasse & the "yellow vests" protest in France persist, although there
was seemingly little in the way of headline flow to drive the move lower in the
- Yesterday saw the Italian gov't approve a decree with the goal of shoring up
Banca Carige, offering the lender access to several state-support options,
- The pair failed to hold above the 100-DMA, and bears now eye yesterday's low
at $1.1389 and a fall through that level would set them to target the
55-DMA/50-DMA at $1.1374. On the topside, initial resistance is located at the
100-DMA of $1.1479, followed closely by $1.1486, which represents the Dec20 high
& the upper Bollinger Band (2%). The next resistance level above is located at
the Nov 7 high at $1.1500.