EURUSD staged a massive rally last week and has closed the week above 1.1600 level. This upward movement has been largely due to USD weakness rather than EURO strength. We can see an interesting pattern on the 4-hour time frame.
It is an inverse head & shoulder pattern. This is a very bullish sign for the pair, especially when there are signs that USD may further weaken.
The preference is to buy the pair, especially if it can break above 1.1630 level (Friday high).