Weekly outlook: The EURUSD had a significant bullish momentum on better than expected US GDP data on Friday, topped at 1.4278 and closed at 1.4255. Note that the medium term outlook remains neutral as we still trapped in range-bound market. This week, I will focus on NFP number on Friday. If NFP data shows positive result, I believe we should see a breakout from the range market and should set up a bullish scenario at least towards 1.4700 area. However if NFP data is disappointing, Greenback should edges up as risk aversion should rises.
The nearest term outlook is bullish and we should see further upside pressure testing 1.4336 key level. However, as you can see on h1 chart below, CCI is heading down and about to cross the 100 line down so watch out for potential downside pullback testing 1.4150/80 support area. As long as the pair stay above that area, I prefer a bullish scenario.