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In the previous EUR/USD forecast we noted that 1.1 would likely be a bullish target and if it is achieved, we might be looking at an extended target of 1.12. As far as bearish targets were concerned, the EUR/USD would need to overcome parity first.
Technical Analysis
Looking at the EUR/USD daily chart above we note that the currency pair is in a relatively narrow range for the week. While it did test the 1.1 as expected, it did not manage to clear it.
The failure to breach the resistance of 1.1 had sent the currency pair easing down towards the middle line of the bollinger bands. In the near term, it is unlikely to predict the movement of the EUR/USD although the long term trend remains bearish.
The middle line may serve as a pivot with both edges of the bollinger bands as resistance and support respectively. An extended bearish target will be 1.0500.