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Good day readers.
In the previous EUR/USD forecast we noted that the currency pair tested the middle bollinger band again as per our previous forecast. The 1.1 region was shaping out to be a strong resistance. Having said so we need to monitor the shorter timeframe to observe as nothing is forever.
Should the resistance fail, we might see an attempt to achieve 1.12 by the bullish traders. Bearish recovery would likely target the 1.08 support region.
Technical Analysis
Looking at the EUR/USD weekly chart above we note that the currency pair was bearish for the week. The middle bollinger band was effective as a resistance. This is the fifth week that our technical analysis worked.
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