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In the previous EUR/USD forecast we noted 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 might expect a target of 1.1180. A bearish return would likely seek to reach 1.0780.
Technical Analysis
Looking at the EUR/USD weekly chart above we note that the currency pair dipped sharply for the week. 1.0780 was achieved and the EUR/USD stretched further.
The bottom bollinger band will likely be an extended bearish target. It is now 1.0330. Any bullish recovery will likely test 1.0780 followed by 1.1.
The long term momentum remains bearish.