Italy is downgraded
From a technical point of view, EUR/USD has escaped from triangle pattern in place since March and is capped by its 50-day moving average (in blue). The daily RSI stands within its selling area between 50 and 30. Readers may therefore consider the potential for further weakness below Apr. 14 top at 1.0990. The nearest support would be set at horizontal support at Apr. 23 low at 1.0725 and a second one would be set at set at March bottom at 1.0630 in extension.
Source: TradingView, GAIN Capital
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