The Bank of Italy is on the wires saying:
- Economic indicators just that activity remains weak in the 4th quarter
- They continue to see estimates of 0.7% growth for this year
The EURUSD has rebounded back toward its closing level from Friday after dipping to the 38.2% retracement of the November trading range at 1.0664 at the start of the North American session. The rebound took the price back up toward its 100-hour moving average at 1.06869. The current price trades at 1.0676.
The trading range today is only 37 pips. The average of the last 22 trading days has been 70 pips. So there is room to roam on a break of extremes.
EURUSD bounces off the 38.2% retracement