Italy Global Trade Balance Beats Expectations

Italy Global Trade Balance came in at €5.347B, beating economist’s expectations of €2.91 for May. The Italy Trade Balance with European Union jumped from previous €1.005B to €2.248B in May.

EURUSD is trading lower today at 1.1239 as in the European session is under selling pressure and breached the 100 and 200 hours moving average. In the daily chart also the bias looks negative as the price is trading now below the 50 day moving average at 1.1243. If the pair didn’t react soon sellers will dump euros.

The FTSE Mib Index in Milan is giving up 0.12 percent at 22,147

The ZEW survey is next in our forex calendar and might help investors’ to start another leg in the pair. USD will get a clue from the retail sales due later today. All in all, clouds are gathering in euro and a move down to 1.12 can’t be ruled out.

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