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In the previous EUR/USD forecast we noted that currency pair reacted as expected. It failed to breach the strong resistance of 1.14 and was testing the region of 1.12 which was the middle bollinger band. Should the currency pair gain bullish momentum, the next resistance would likely be 1.14 again. We would need a clear breach of this region before expecting any further bullish momentum.
Technical Analysis
Looking at the EUR/USD weekly chart above we note that the currency pair tested the 1.14 resistance again. It did not manage to breach the resistance but closed the week higher than the previous week.