The EUR/USD currency pair exhibited a pattern resembling a bearish shooting star (inverted hammer), concluding the week slightly in the green.

The technical outlook presents a somewhat mixed picture. The main bullish factors continue to be based on the valid long-term bullish trend and the weekly closing price reaching a 10-month high, which is also above the significant round number at $1.1000. 

Nonetheless, the bullish case is somewhat weakened by the formidable resistance around 1.1050, which appears to be holding firm. Those with a bearish perspective can also argue that the previous three weekly candlesticks are nearly exhibiting a bearish pin bar/inside bar combination.

It’s also worth a reminder that a lot of the EURUSD action will depend on the Fed and ECB meetings (more about those in the previous sections on USD and EUR fundamentals).