EUR/USD struggles for direction around 1.1500

• The pair remains under pressure at/around the 1.1500 area.
• The greenback sheds some ground and breaks below 96.00.
• Political concerns around Italy remain in centre stage.

The demand for the single currency remains unable to pick up serious traction today, leaving EUR/USD to gyrate around the 1.1500 neighbourhood.

EUR/USD looks to Italy, USD

After six consecutive daily pullbacks, the pair is now recovering the smile amidst some offered bias surrounding the greenback and lack of fresh headlines from the Italian political arena.

Spot is attempting to consolidate in the area of multi-week lows around the critical 1.1500 the figure following yesterday’s Powell-led sell-off to the 1.1460 region. However, further pressure remains on the cards for the European currency in light of rising US 10-year yields and the upcoming publication of US Non-farm payrolls.

In the docket today, the usual weekly report on the US labour market is due next seconded by Challenger Job Cuts and September’s Factory Orders, all along the speech by FOMC’s R.Quarles.

EUR/USD levels to watch

At the moment, the pair is gaining 0.17% at 1.1496 and a break above 1.1508 (low May 21) would target 1.1608 (55-day SMA) en route to 1.1641 (21-day SMA). On the flip side, immediate contention aligns at 1.1463 (low Sep.4) seconded by 1.1449 (50% Fibo of the 2017-2018 up move) and finally 1.1299 (2018 low Aug.15).