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MNI: EUR/USD sits at ~$1.1465, ~90 pips shy of.......>

MNI, NEWS
MNI: EUR/USD sits at ~$1.1465, ~90 pips shy of Monday's high of $1.1550. EUR was
primarily driven by headlines related to Italy's conflict with the EU over
Rome's expansionary fiscal plan. While Italy expressed willingness to engage in
a constructive dialogue, it still plans to break the EU budget rules. 
- EUR turned bid in early EU trade after Moody's revised Italy's sov. rating
outlook to stable, following a 1-notch rating cut on Friday, but that quickly
faded on the back of the latest rhetoric out of Rome/broader USD strength. 
- Late Monday RTRS reported that "Eurogroup head Mario Centeno said the latest
messages from Rome and the European Commission over Italy's 2019 budget are
"very positive" and he expects agreement to be reached on the blueprint. 
- Bears count on maintaining the downward momentum & need a break below the 50%
fibo & the Oct 9 lows at $1.1448 before challenging the Aug lows at $1.1301.
Bulls look for a break above the key $1.1550 level before targeting $1.1600. 
- Points of note this week include ECB MonPol decision due Thursday, ECB Pres.
Draghi's lecture on Friday, as well as any fallout from Italy's budgetary
affairs, culminating in S&P's sovereign rating review of Italy Friday.
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