- The pair navigates a tight range between 1.1320 and 1.1350.
- The US Dollar Index sticks to gains above the 97.00 handle.
- EMU’s Retail Sales expanded at a monthly 0.3% in October.
The demand for the single currency stays somewhat apathetic on Wednesday, while EUR/USD navigates a narrow range between 1.1320/50.
EUR/USD looks to Italy, trade
The pair rebounds from daily lows in the 1.1320 zone amidst a generalized rangebound mood in the global market along with thin trade conditions due to the holiday in the US markets.
Market participants, in the meantime, keep looking to Italy and the Brexit negotiations for direction, where the probable revision of the 2019 budget and the debate in the House of Commons remain in centre stage, respectively.
In the euro docket, Retail Sales in the region expanded 0.3% MoM in October and 1.7% from a year earlier. Later in the NA session, Markit will publish its final Services PMI for the month of November ahead of the Fed’s Beige Book.
EUR/USD levels to watch
At the moment, the pair is gaining 0.12% at 1.1357 and a breakout of 1.1418 (high Dec.4) would target 1.1434 (high Nov.22) en route to 1.1473 (high Nov.20). On the other hand, the next support emerges at 1.1264 (low Nov.28) followed by 1.1214 (2018 low Nov.12) and finally 1.1188 (61.8% Fibo of the 2017-2018 rally).
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