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EUR/USD hot forecast on 5th October


EUR/USD is trading under 1.16, falling after the US IMS Services PMI beat estimates with 61.9 vs. 60 expected. Investors are worried about higher energy costs, the US debt ceiling and China's indebted property developers. The jitters are supporting the safe-haven dollar.

The EUR/USD pair retreated from around the 23.6% retracement of the latest daily slump at 1.1645, the immediate resistance level. The daily chart shows that technical indicators resumed their declines near oversold readings, while a bearish 20 SMA stands well above the current level and below the longer ones, all of which reflects increased selling interest.

The 4-hour chart offers a neutral-to-bearish stance as the pair is hovering around a flat 20 SMA, while the Momentum indicator turned lower around its midline as the RSI indicator consolidates around 43. The pair has set a yearly low at 1.1562, with a break below the level exposing the 1.1470 price zone.

Support levels:1.1560 1.1520 1.1475

Resistance levels: 1.1645 1.1680 1.1725

The material has been provided by InstaForex Company -