Italy Seeks Suspension Of EU Budget Rules

Technical analysis of Forex market

Italy, one of the worst hit countries outside of China by the Coronavirus, is expected to seek a budget exemption from the EU budget rules.

The deputy minister said that his government is considering increasing its spending to fight the epidemic to 5 billion euros from 3.6 billion previously. This comes as Italy already stands as one of the most highly indebted countries in the eurozone.

EUR/USD Struggling Near Resistance

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The common currency’s momentum is somewhat slowing. It trades at the resistance level of 1.1177 and the 1.1200 region. However, as the Stochastics oscillator remains firmly in balance, we anticipate price to eventually breakout higher. A daily close above this level, including some momentum, could keep the bullish trend alive.