The euro continues to correct higher against the US dollar, as Italy’s two leading anti-establishment parties hope to enter into coalition talks to settle the current crisis on Italian politics. The EURUSD pair has surged higher on the news, with price now trading well-above the 1.1700 level, marking a dramatic weekly turn-around for the single currency. Bullish momentum in the EURUSD pair is likely to strengthen while price holds above the key 1.1715 technical level.
The EURUSD pair is strongly intraday bullish while trading above the 1.1715 level. Key resistance is now located at the 1.1750 and 1.1800 levels.
If the EURUSD pair moves below the 1.1700 level, we may see sellers push price towards the 1.1660 and 1.1600 level.
