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In the previous EUR/USD forecast we noted that the currency pair did continue to bounce off the support / middle bollinger band as expected. It tested the 1.14 bullish target as mentioned and had since eased below. It was important to observe the price action in the upcoming week. Bullish momentum would need to test and clear 1.14 before targeting 1.16. Should bearish pressure returned, the support level / middle bollinger band of 1.12 would likely be targeted.
Technical Analysis
Looking at the EUR/USD weekly chart above we note that the currency pair ended slightly lower than the previous week. It tested the upper bollinger band as expected.