Simultaneous Release at
Good day forex traders and readers.
In the previous EUR/USD forecast we noted that the currency pair remained capped by the resistance of 1.34 and it would be a crucial point to watch out for. The green middle bollinger band remained as an immediate support. Fundamentally while we observed an economic environment that was bullish for the euro currency, risk aversion from the speculated quantitative easing tapering by the US Federal Reserve probably kept the bulls in check.
Looking at the EUR/USD daily chart above we note that the currency pair tested the major resistance of 1.34 again and went beyond temporarily. The EUR/USD had since eased back below and again we would need to monitor this critical resistance level.
The middle bollinger band did function as an immediate support as expected and I hope you did make use of this opportunity. For the upcoming week, I will still use the middle bollinger band as an indication of a possible immediate support.
From a medium term perspective, the EUR/USD is on a bullish momentum since July. Let us monitor if this will continue. As I mentioned previously, for this to happen the resistance of 1.34 must fall.
continue on to TheGeekKnows.com for the fundamental analysis of the EUR/USD Forecast Weekly Review to understand more about the underlying market sentiments.
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