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EUR/USD Hot Forecast for October 21


EUR/USD is struggling to find direction on Thursday and continues to fluctuate in a relatively tight range around mid-1.1600s. Mixed data releases from the US don't seem to be having a noticeable impact on the greenback's performance against its major rivals.

The EUR/USD pair keeps trading between Fibonacci levels, meeting sellers around the 38.2% retracement level of 1.1908/1.1523 from where it is about to slide to 1.1670. The daily chart shows that buyers are losing interest as technical indicators are turning south just above their midlines. At the same time, the pair is developing a movement above a firmly bearish 20 SMA, which stands a few pips below the immediate Fibonacci support level at 1.1615.

The risk is also skewed to the downside in the near term as the 4-hour chart shows that the Momentum indicator turned firmly bearish and is currently pressuring its midline, while the RSI indicator consolidates at around 56. At the same time, the pair remains above a bullish 20 SMA, a few pips below the current level. The bearish case will be firmer if the pair breaks below the 1.1610 price zone.

Support levels: 1.1615 1.1570 1.1525

Resistance levels: 1.1670 1.1715 1.1750

The material has been provided by InstaForex Company -