In the previous EUR/USD forecast we noted that the currency pair had a wide range for the week. It spiked and nearly reached the 1.18 medium term bullish target as mentioned. It then retreated and was testing the bearish resistance of 1.12 as expected. We note that currency pair remained in a consolidation phase and hence it was not possible to determine the short to medium trend. It was crucial to remain prudent and deploy proper money management. Topside resistances were 1.18 and 1.22. Supports were likely to be at 1.12 , 1.11 and 1.10.
Looking at the EUR/USD weekly chart above we note 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.
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