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EUR/USD Directionless after a Week of Risks

Trader's could not commit to a direction for the EUR/USD after a week full of economic risks. The latest one was the US Non-Farm payroll and other labor market data, which turned the pair back from its bullish attempt the previous session.


(eurusd 4h chart, 5/2)

This week, EUR/USD essentially expanded last week's consolidation range in both directions, to 1.3888 and 1.3767. 

Next week, if the market can hold above 1.3767, there is still a bullish bias. 

However, a break below 1.3767 might introduce a bearish outlook, OR it could be in this expanding consolidation. A pullback after that should provide some clue. If a pullback fails to clear back above 1.38 for example, then we might anticipate some bearish risk towards the 1.3672, April-low.