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EUR/USD analysis on 6th October

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EUR/USD has tumbled to the lowest since July 2020 as soaring energy prices, fears of a slowdown, the US debt ceiling debacle and Fed tapering grip markets ADP reported an increase of 568,000 private-sector jobs in September, beating estimates and underpinning the dollar.

The EUR/USD pair is poised to extend its slump, with market participants eyeing the 1.1470 price zone, a strong static support area. A break below the level on a first attempt seems quite unlikely, but it's possible.

From a technical point of view, the risk is skewed to the downside. The daily chart shows that technical indicators maintain their bearish slopes within oversold readings as the pair keeps collapsing below firmly bearish moving averages. The near term picture also supports another leg lower, as the pair accelerated its slump once breaking below its 20 SMA. Meanwhile, technical indicators hold near oversold readings, barely losing their strength downwards.

Support levels: 1.1520 1.1475 1.1440

Resistance levels: 1.1590 1.1640 1.1685

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