In the previous EUR/USD forecast we noted that the currency pair tested the middle bollinger again and failed. It was an excellent situation when our technical analysis worked like clockwork.
After failing to breach the middle bollinger band, bearish momentum took over and sent the EUR/USD towards 1.08 as forecasted. The support region held and the currency pair had since eased back to 1.086.
If the bearish correction managed to push beyond 1.08, we might expect extended bearish targets at 1.06 and 1.05. Bullish return would see the EUR/USD head towards 1.1 again for a retest of the resistance region.
Looking at the EUR/USD weekly chart above we note that the currency pair tested the middle bollinger band again! This is as per our previous forecast of 1.1. A few of our readers wrote in to give thanks and we are happy. Just be mindful it is not always Christmas :p . Always be careful when trading as forex is never 100% predictable.
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.