EURUSD Weekly Summary: Slipped above the bearish channel, a threat to the bearish outlook
The EURUSD had a significant bullish pullback this week, slipped above the bearish channel as you can see on my h4 chart below after worse than expected US NFP and unemployment rate numbers on Friday, topped at 1.3438 and closed at 1.3412. This fact is a serious threat to the bearish outlook. A consistent move above 1.3500 next week would give further validation for a bullish reversal scenario targeting 1.3700. On the downside, another movement back inside the bearish channel should keep the bearish scenario intact but only a movement below 1.3200 could cancel the bullish threat and continue the bearish scenario testing 1.2920 as a false breakout scenario might be produced.
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