[EUR] Price Adjustment Possible

EUR/USD 4-hour chart, source:forexfactory.com

The forex news from the United States dropped the price of currency pair, EUR/USD. The performance in this week finished with a positive candle but the height of candle was short due to the events on Thursday and Friday.

The unemployment claims of the U.S. released at 13:00(UTC), Thursday showed 250,000 worse than expected, 241,000. The one of the powerful events, U.S. Non-Farm employment change was released 148,000, worse than expected 190,000 and previous 252,000, too. The price of the pair had to face the sharp decline.

The market forecasted negative news but the released indices were worse than the expect.

After the upward trend since mid December, the chart attempts to form the down-turn pattern, double-tops pattern in 4-hour chart. It broke away from the trend line, too. It may drop to 1.20.

The weekly chart of EUR/USD hints more negative anticipattion. The price has risen for a year and faces the need of adjustment. And it drafts the pattern. If it succeeds forming the pattern, it may retreat to the band of 1.1250~1.1300. It is 1.2030, now according to the forexfactoy.com.

If you keep the long bias, you may have the chance at 1.20 in short-term position. If the price collapses below 1.20, it is needed to change the bias in the short term.

If you are a position trader, you can still maintain the bullish outlook.

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