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In the previous EUR/USD forecast we noted that the currency pair dipped sharply for the week. 1.0780 was achieved and the EUR/USD stretched further. The bottom bollinger band would likely be an extended bearish target at 1.0330. Any bullish recovery would likely test 1.0780 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. 1.078 was tested as expected but the EUR/USD failed to breach it.
We are noting a bearish stance for now and the support lies at 1.0550. Further bearish pressure will target 1.0330. Should the EUR/USD attempt to recover, 1.078 will probably offer resistance followed by 1.1.