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EUR/USD Hot Forecast on 28 September

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EUR/USD has tumbled below 1.17, hitting the lowest since August 20 as Europe struggles with soaring gas prices and China suffers power cuts. US Consumer Confidence missed with 109.3 points. Fed Chair Powell explains the bank's taper signal.

The EUR/USD pair is down for a third consecutive day and may accelerate its decline. In the daily chart, the 20 SMA gains bearish strength far above the current level, as technical indicators remain within negative levels, with the RSI heading lower at around 35.

In the near term, and according to the 4-hour chart, the bearish case is firmly in place. The pair is below bearish moving averages, with the 100 SMA about to cross below the 200 SMA. Also, technical indicators remain near oversold readings, without signs of downward exhaustion.

Support levels: 1.1660 1.1620 1.1570

Resistance levels: 1.1720 1.1755 1.1785

The material has been provided by InstaForex Company - www.instaforex.com