The 17-member single currency is ending the week confined within a now well-established trading range. A brief post Friday lunch scurry higher failed in its attempt to break through key resistance levels (1.3560-70), and this even after various options expiries helping. The EUR bulls have become deflated by Italy’s precarious political situation and on rumors that the country itself may soon be downgraded. After encroaching and failing to penetrate its highs, the single currency easily cleared its short-term support on an announcement that Italy is willing to delay its October sales tax hike until next January. The ... (full story)