After three weeks of consolidation, including the selloff that followed the May 7th run-off election in France, the EURUSD was unstoppable last week.
The single currency gained 270 pips against the greenback, making it the largest weekly gain so far this year.
The pair did print a bearish engulfing day on May 18th, but as I’ve stated in the past, such patterns are irrelevant when they fail to break a key level.
And as mentioned on Tuesday , the 1.1090 handle was the level of focus.
Signs of exhaustion from buyers are absent at this point which suggests the pair could further last week’s advance.
However, with the next resistance just above Friday’s close at 1.1220, we’ll need to wait for a pullback or breakout before considering an entry.
Key levels of interest for the week ahead include resistance at 1.1220 with a close above that exposing 1.1355.
A move lower would likely encounter buying pressure at 1.1090 with a break there paving the way for a move toward 1.0950.
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