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In the previous EUR/USD forecast we noted a bearish stance and the support was at 1.0550. Further bearish pressure would target 1.0330 although should the EUR/USD attempted to recover, 1.078 might offer resistance followed by 1.1.
Technical Analysis
Looking at the EUR/USD weekly chart above we note that the currency pair was bullish for the week although the range was tighter than usual. The extended bullish target of 1.1 is in sight.
Any bearish recovery will likely seek to target 0.78. Having said so, the bottom bollinger band is turning flat and hence we need to monitor closely. This region may become an area of consolidation.