In the previous EUR/USD forecast we noted that the currency pair was bullish for the week. However it was capped by our lower bollinger band. The narrow range for the week suggested that the price action was limited. There was nothing to indicate that the bearish trend was over and hence the previous bearish target of 1.05 remained.
Looking at the EUR/USD weekly chart above we note that the currency pair was bearish for the week. It remain capped by the lower bollinger band as expected.
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