On EURUSD, we now have a solid bearish channel forming, which points to confirming my long-term outlook on the pair. (With the Weekly Bearish H&S.) However, I can not take a trade on this pair right now because of what I'm showing you on the 4H chart. With the very negative jobs report coming out of the US today, the pair has found enough energy to push off of support and continue its flow through the channel. How far up it will go, I can not say.
On the chart, I've drawn the lines that show the paths I can see the pair taking. If the bad US data wears off soon enough and the focus moves back to the EUR, or the USD gets some reassurance, we could see this pair back at resistance by early next week. If not, I imagine we will hit resistance again, at which point I will determine whether or not this is a good sell.
My analysis is only an educated guess and is never intended to be an expert's guidance or investment advice. Absolutely anything can happen, I am only offering perspective for other traders to imagine every possibility and make their own decisions. Happy hunting.
--HSC
On the chart, I've drawn the lines that show the paths I can see the pair taking. If the bad US data wears off soon enough and the focus moves back to the EUR, or the USD gets some reassurance, we could see this pair back at resistance by early next week. If not, I imagine we will hit resistance again, at which point I will determine whether or not this is a good sell.
My analysis is only an educated guess and is never intended to be an expert's guidance or investment advice. Absolutely anything can happen, I am only offering perspective for other traders to imagine every possibility and make their own decisions. Happy hunting.
--HSC