03.10.201312:24 Forex Analysis & Reviews: EUR/USD. Forecast for October 3, 2013

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On October 2, Italian Prime Minister Enrico Letta headed toward victory in a confidence vote, as some lawmakers from rival Silvio Berlusconi’s party said they would support his government.

The outcome was the following one, 229 were pro and 70 were con. During the press conference Mario Draghi said that the decline of the ECB interest rate was discussed.

Yesterday data on US ADP Non-Farm Employment Change in September was weak; 166K vs. forecast for 177K; data on August was revised downwardly from 176K to 159K. The euro grew 52 points.

Today at 12:00 UTC+4 PMI Services in the Eurozone in September in the final estimate is issued; forecast 52.1. At 13:00 UTC+4 data on retail sales in the Eurozone in August is published; it is expected to be 0.3% vs. 0.1%. At 16:30 UTC+4 data on US Initial Jobless Claims is revealed; forecast 315K vs. 305K. At 18:00 UTC+4 data on US ISM Non-Manufacturing in September is published; forecast 57.2 vs. 58.6.

As we can see the situation is not in favour of the euro. From the technical point of view, we expect the price near the resistance of trend line on the daily chart 1.3638.

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