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EUR/USD Hot Forecast for October 12

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EUR/USD lost its traction in the early American session and broke below 1.1550 pressured by the renewed dollar strength. The pair remains within a touching distance of the 2021-low set at 1.1530. Reflecting the greenback's upbeat performance, the US Dollar Index is holding at 12-month highs near 94.50.

The EUR/USD pair extends its slump and approaches the year low at 1.1528. The near-term picture is bearish, as in the 4-hour chart the pair accelerated its decline below a flat 20 SMA. Besides, the longer moving averages maintained their bearish slopes above it. Meanwhile, technical indicators turned lower, currently standing within negative levels. A steeper decline could be expected on a break below 1.1520, the immediate support level.

Support levels: 1.1520 1.1475 1.1440

Resistance levels: 1.1580 1.1640 1.1685

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