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In the previous EUR/USD forecast we noted that 1.1 would likely be a bullish target and if it was 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 weekly chart above we note that the currency pair did test 1.1 as expected. The resistance held and the EUR/USD ended the week just shy of it.
Should the bullish momentum continue, we may expect a target of 1.1180. A bearish return will likely seek to reach 1.0780.
We see the current level as a test of the bearish weekly channel too and hence caution is advised.