In the previous EUR/USD forecast we noted that the currency pair was bearish for the week and it remained in a consolidating phase as expected. It was testing the support region of 1.12. The EUR/USD was at the middle bollinger band and hence it was a possible center of pivot. The bands had stabilised and it was indicative of a consolidation phase.
Looking at the EUR/USD daily chart above we note that the currency pair was bullish for the week. Having said so it is back at a previous region and hence indeed it is consolidating.
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