In the previous EUR/USD forecast we noted that the currency pair was again bearish for the week. It went below the lower bollinger band.
The bearish targets of 1.09 and 1.08 were achieved. If the price action remained below the lower bollinger next week, we might be looking at an extended bearish target of 1.05. Any bullish recovery return would likely see action at 1.08 and 1.09. The lower bollinger band had turned into a resistance region too.
Looking at the EUR/USD weekly chart above we note that the currency pair was bullish for the week. Having said so it was capped by our lower bollinger band as expected.
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