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Hot Forecast for EUR/USD for October 13

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EUR/USD is shaking just above 1.1550 after US headline inflation exceeded estimates with 5.4% YoY while Core CPI met estimates with 4%. Earlier, the pair edged higher amid a better market mood. The FOMC Meeting Minutes are eyed.

The EUR/USD pair retreated from intraday highs after upbeat US inflation data and was trading in the 1.1540 price zone. Technical readings in the daily chart support bearish continuation as the pair keeps hovering below firmly bearish moving averages. The Momentum indicator heads lower within negative levels while the RSI indicator consolidates around 32, reflecting sellers' dominance.

In the near term, the pair is poised to break lower, as the 4-hour chart shows that it was unable to retain gains beyond its 20 SMA, while technical indicators resumed their declines within negative levels after correcting oversold conditions. The slump will likely accelerate once 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