Italy Cuts Growth Forecasts Due to Middle East War

The news indicates that geopolitical risks could negatively impact global growth. Although GOOGL stock is technically in neutral territory (RSI 54.8) and the MACD has given a new bullish signal, macroeconomic uncertainty may create selling pressure in the short term. Despite the price being above the 20- and 50-day moving averages, the risk-off sentiment triggered by the news could pull the stock lower. Therefore, a bearish move is expected in the near term.

EURUSD is trading at 1.1684, down 0.22% in the last 24 hours. Although the RSI at 34.4 is approaching oversold territory, momentum remains weak. The MACD line is below the signal line and in negative territory, indicating continued selling pressure. The price is trading below both the 20-day (1.1701) and 50-day (1.1722) moving averages. Italy's downward revision of growth forecasts due to the Middle East conflict is raising concerns about the Eurozone economic outlook, which could further weaken the euro. The short-term downtrend is expected to persist.

EURTRY is exhibiting a technically weak outlook. The RSI is in the sell zone at 39.4, and the MACD is trading negatively below its signal line. The price is trading below both the 20-day and 50-day moving averages. The news headline could increase global growth concerns, reducing risk appetite and putting pressure on emerging market currencies. Selling pressure is expected to persist in the short term.

Although EURGBP closed above the 20-day SMA, it is trading just below the 50-day SMA and may struggle to break through this resistance zone. The RSI is neutral at 54, but the MACD line remains below the signal line, indicating weak short-term momentum. Italy's downward revision of growth forecasts could increase concerns about the Eurozone economic outlook, putting pressure on the Euro. Therefore, the pair appears more likely to move lower from current levels.