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Good day forex traders and readers.
In the previous EUR/USD forecast we noted that the currency pair was bullish and the failure of the resistance of 1.36 would probably suggest an extended target of 1.38. From a fundamental point of view, the resolution of the US debt ceiling crisis and government shutdown brought about positivity to the markets. This probably spurred risk taking activities.
Looking at the EUR/USD daily chart above we note that the currency pair did hit the extended bullish target of 1.38. I love it when my chart works. Nothing is more wonderful than seeing the currency pair unfolds according to plan on the chart. And of course seeing my readers make money too!
The 1.38 line will be the resistance to watch out for in the upcoming trading week. If it fails, I will be expecting a possible extended bullish target of 1.4. This region is likely to be a strong resistance.
Any bearish correction is likely to target the Immediate support of 1.3680 and 1.3620.
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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