The EURUSD had a significant bearish momentum after much better than expected employment data on Friday. US Non Farm Payroll made a huge surprise by fall only -11K in November while unemployment rate fall at 10%. Price bottomed at 1.4821 and closed at 1.4857. On daily chart below we can see that price slipped below my major trendline support indicating critical technical phase which could be a serious threat to the bullish outlook. However, note that we need a consistent move below the trendline support and 1.4820/00 key support level area to confirm bullish failure and begin the bearish reversal scenario towards 1.4625 and 1.4450 in the upcoming week. A failure to do so would surely keep the bullish scenario intact with 1.4950/20 area and 1.5140 resistance area to be tested.
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