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Good day forex traders.

In the previous EUR/USD forecast we noted that the currency pair ended slightly lower than the previous week. It tested the upper bollinger band as expected. I mentioned that I was extremely pleased with the performance of our bollinger bands. 1.14 and the upper bollinger band would probably be our immediate resistance. A bearish pushback would likely target the middle bollinger band at 1.12. From a fundamental point of view, I cautioned on the upcoming European Central Bank event. Sentiments could change resulting in a shift in expectations.

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Technical Analysis

Looking at the EUR/USD weekly chart above we note that the currency pair was bearish for the week. It stopped before the lower bollinger band, validating the usefulness of our bollinger bands technical approach.

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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