The Italian government got together with the anti-establishment 5-Star movement and the Democratic party, forming a coalition. The two parties agreed to form a new government, staving off fresh elections. The move also curbs the far-right Matteo Salvini from becoming the Prime Minister.
The euro, however, brushed aside the data and remained weak on the day. The common currency is extending declines for the fourth consecutive session. Meanwhile, data from Germany showed that consumer prices slowed in August from the month before.
EURUSD Breaks Past Support Level
The EURUSD currency pair continued the declines on Thursday. This came after price action fell below the support area of 1.1065. The declines could push the currency pair down to 1.1030. This marks a confluence of the horizontal support and the trend line as well. The upside is likely to be limited, with 1.1065 turning to resistance.
