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In the previous EUR/USD forecast we noted that the currency pair tested the 1.14 resistance again. It did not manage to breach the resistance but it closed the week higher than the previous week. The EUR/USD was showing bullish indications but remained capped by 1.14. Should any bearish correction happen, the middle bollinger band might function as an immediate support at 1.12. An extended bearish target would likely be 1.1.
Technical Analysis
Looking at the EUR/USD weekly chart above we note that the currency pair was bearish for the week. It failed to breach the strong resistance of 1.14.