The EURUSD did little last week to inspire a decision one way or the other. The pair continues to bounce between 1.1100 and the 1.1250 area with no clear indication of future direction.
Technically speaking, the single currency carved a bearish engulfing pattern on the weekly chart. With that said, it wasn’t the most convincing close if you’re a bear given the 50 pip rally just before the weekend.
One thing to note is how the 1.1250 area held as resistance during Wednesday’s session. This is a former resistance level that gave way to buyers on June 2nd and held as support for a brief period. However, the June 8th close negated the bullish breakout to some degree.
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