10.10.201312:08 Forex Analysis & Reviews: EUR/USD. Forecast for October 10, 2013

Long-term review

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Yesterday’s positive data on Industrial Production in Germany in August (1.4% vs. 1.1%) could not manage to constrain the press of the US dollar optimists amid the information that Barack Obama nominated Janet Yellen, the current Federal Reserve vice chairman, to succeed Ben S. Bernanke as central bank chairman. The minutes of September’s FOMC meeting showed that the members wanted to get more approving indicators about economic recovery, though they were ready to start QE3 trimming. Probably, the members are waiting for the solution of the debt limit issue. DJIA grew 0.18%, the euro dropped 50 points.

At 10:45 UTC+4 data on Industrial Production in France in August is issued, forecast 0.7% vs. -0.6%. At 12:00 UTC+4 data on Industrial Production in Italy is published; forecast 0.6% vs. -1.1%. At 12:00 UTC+4 ECB Monthly Bulletin is issued. A correction as a rebound from green trend line on the daily chart (towards 1.3545/50) is possible. At 22:00 UTC+4 Mario Draghi speaks. Today and tomorrow we expect relevant news from the US Congress about budget issue.

From the technical point of view, when the testing level 1.3486 is broken, we expect decline to 1.3452 (the high of August 20) and 1.3390, considerable level, which can be clearly observed on the H4 chart.

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