Why the Euro is weakening
At auction in Europe all major pairs traded in negative territory against the us dollar. Leaders in lower on Monday are the British pound and the single currency. The pound fell against the dollar by 0.78% to 1,2869, the Euro by 0.61%, to 1,1264.
The Euro fell below 1,1300. It is believed that the sharp drop in prices triggered a triggered sell orders as protective stops. Additional bearish momentum, the EUR has gained from the devaluation of the pound due to concerns about the prospects for Brexit and uncertainty over Italy. The fact is that until November 13, Rome will have to answer to the European Commission on the draft budget for the year 2019.
In the United States and Canada as a day off. The markets are open, but they should expect low liquidity. Given that the economic calendar is empty, due to the reduced liquidity may be increased volatility in the currency market as a day in the early European session.
The resistance located at levels 1,1286 and 1.1305. If their customers do not pass fall below to 1,1210. Price is recovering from a MA line D3 (price deviation for 1% of the average line with the period 55).