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EUR/USD Testing Rising Speedline after the Strong NFP

Today's US Non-Farm Payroll Report came in better than expected along with other improving data such as growth in participation rate and average hourly earnings. This showed an economic recovery that is picking up pace, and should be USD-positive.

In the EUR/USD's reaction, we definitely do see the USD-bulls take control within the session, but will it push EUR/USD back into a downtrend after almost 2 weeks of consolidation?

EUR/USD 4H Chart 2/6
(click to enlarge)

As I comment on the EUR/USD, the pair continues to fall, and looks like it is breaking below the rising speedline from last week's low around 1.11. The fact that price is below a rising speedline, and below the 200-, 100-, and 50-period SMAs suggest bearish continuation, especially when the RSI also breaks below 40. 

Perhaps, 1.13 will be the last barrier before bears rush in and threaten to run to the 1.11 low, with risk of running lower towards the 1.10 handle because the prevailing trend is still intact.

If 1.13 holds and price returns above 1.14, we might still have more consolidation and bullish correction in the EUR/USD.