Weekly R1 Caps Price Action Pre NFP

FX:EURUSD   Euro Fx/U.S. Dollar
189 0 1
Price has dropped sharply after reaching the Weekly R1. It
looks like profittaking before the NFP release today.
Trend has turned bearish on the hourly timeframe. On H4
tf support comes in by the upper Kumo Cloud and the 3rd
quartile of the Pitchfork (and Daily R2).
Generally, the sharp drop from Weekly R1 may hint weakness
and we may see consolidation ahea (with price trading between
Weekly R1 and S1, IF the Weekly close comes in below the
R1 at current top (1,1383).
Strong NFP number, inducing a sharp drop, should find support
by the lower Kumo Cloud/Lower Pitchfork band and
the yet untradet Monthly Pivot Point . Weak figures may
push price towards the first target at 1,1480 (Monthly R1)
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