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Good day forex traders.
In the previous EUR/USD forecast we noted that the bulls eased off for the week. The range was limited from a technical point of view.
The upper bollinger band was turning out to be a strong resistance. This remained as our extended bullish target. The immediate resistance was likely to be the former support of 1.12. A continuation of the bearish momentum would likely see 1.1 as the next extended target. This is also the region of the middle bollinger band. From a long term point of view, the EUR/USD remains bounded in a wide channel with no sides of the market gaining a foot hold.
Technical Analysis
Looking at the EUR/USD weekly chart above we note that the currency pair was bullish for the week. It was capped by the middle bollinger band after having dipped below it in the week before.