At the end of the week this pair bounced right at major support 1.289 and i'm expecting a pull back to somewhere around 1.2985-1.3 before continues to go lower.
In the chart above if the pullback scenario can't go beyond 1.3 there's a possible Head and shoulder pattern in this 4h chart that makes the downside target lower than the previously expected. while a break above 1.303/04 (previous minor support) we may have a ranging market with 1.2985-1.304.
Some analysts suggest that this pair may found a selling pressure around 1.301/02
Next week important events are :
1. Germany ZEW Economic Sentiment ( Dec 11 )
2. Fed Decision ( Dec 12 )
3. ILO Rate ( Dec 12 )
4. Swiss National Bank Labor Rate Announcement ( Dec 13 )
5. US Retail Sales ( Dec 13 )
We also have European Council meeting on Dec 13