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Good day forex traders and readers.
In the previous EUR/USD forecast we noted that the currency pair tested the crucial region of 1.34. Should it fail, we might see an extended bullish target of 1.36. In the meanwhile the Euro Zone continued to gain positive attention due to the encouraging economic data released. However there were signs of apprehension towards a September quantitative easing tapering by the US Federal Reserve.
Looking at the EUR/USD daily chart above we note that the currency pair attempted to test 1.34 again but failed. As I mentioned previously, this is a crucial resistance and it effectively caps any further bullish advance.
As the bollinger bands tighten due to reduced volatility, the middle green band is functioning as an immediate support for now. Further bearish pressure may target the support of 1.32.
continue on to TheGeekKnows.com for the fundamental analysis of the EUR/USD Forecast Weekly Review to understand more about the underlying market sentiments.