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In the previous EUR/USD forecast we noted that the currency pair was bearish for the week. The strong resistance of 1.14 held. The immediate support of 1.12 was overwhelmed and the currency pair went on to approach the 1.11 extended bearish target. Should the 1.11 support fail, we might be looking at an extended bearish target of 1.08. Bullish recovery if any would probably need to test the immediate support turned resistance of 1.12 followed by 1.14.
Technical Analysis
Looking at the EUR/USD weekly chart above we note that the currency pair recovered from a forex gap and is now back at 1.11. I love it when my support and resistance analysis works