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In the previous EUR/USD forecast we noted that the currency pair was bearish for the week. It stopped before the lower bollinger band as expected. Due to the usefulness of our bollinger bands technical approach, further price action might be influenced by it.

The immediate support would be 1.09 followed by 1.08. A bullish recovery would need to achieve resistance region of 1.12 followed by 1.14.

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Technical Analysis

Looking at the EUR/USD weekly chart above we note that the currency pair was a doji for the week. Once again our bollinger bands worked!

Don’t miss the full forecast. Continue on to TheGeekKnows.com for the full technical analysis and the fundamental analysis of the EUR/USD Forecast Weekly Review to understand more about the underlying market sentiments.

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