Full Release at
TheGeekKnows.com Learn Forex Trading and read exclusive EUR/USD Forecast and AUD/USD Forecast Reviews.
Good day forex traders and readers.
In the previous EUR/USD forecast we noted that the currency pair was testing the middle bollinger band which happened to be the 1.12 region too. I felt that some resistance might exist although further bullish momentum would probably seek 1.14.
Technical Analysis
Looking at the EUR/USD weekly chart above we note that the currency pair did push further due to the bullish uplift. It tested the 1.14 region as expected in our forecast and had since eased off to the 1.12 resistance and support region. This was expected too from our previous forecast and hence I love it when my forecast works!! Especially if it is a double .
1.12 may function as a pivot for now with bullish momentum targeting 1.14 again and bearish recovery seeking out 1.10. Drop down to shorter timeframes on the EUR/USD chart to monitor the price action closely.