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EUR/USD Remains Resilient after False Breakdown

False Breakdown:
EUR/USD showed its resilience during the 4/30 session. After breaking below consolidation support at 1.3785 to make a new low on the week at 1.3771, but rebounded sharply during the late European-US part of the session.

(eurusd daily chart, 4/30)

Consolidation within Bullish Market
We can say that the market is simply expanding in volatility because EUR/USD did push to a new high on the week (1.3880) before dipping to the new low on the week.

However, based on the prevailing trend, EUR/USD looks poised to test 1.39, 1.3966 (2014-high) and the 1.40 pivot. 

Event risks:
We still have some key US data on Thursday (US manfuacturing PMI, jobless claims, Janet Yellen's speech) and Friday (US non-farm payroll and unemployment rate)

Failure:
After the week is over, If the market has trouble holding above 1.39, and falls back below 1.3770, then EUR/USD might be looking at some bearish correction, especially if the stochastic is coming off of overbought levels above 80. 

Below 1.3770, traders open up 1.3672 and 1.3642 support pivots in the short-term.