EURUSD Channel Up on 4H. Nonfarm Payrolls to weigh.

The EURUSD pair has been trading within a Channel Up since March 09 and on the last Higher High (top of the Channel) it got rejected on the 1D MA50 (red trend-line). So far the 4H MA50 (blue trend-line) has held upon contact but with the Nonfarm Payrolls just coming out lower than expected we should wait and see the market reaction. Typically it should be bearish for the USD, hence push the EURUSD higher (though it had its own set of bad news this morning with the lower than expected German Manufacturing PMI but the higher E.U. CPI neutralized).

Technically, scalping opportunities exist within the Channel Up (see how the RSI range charts this neutral trade within). A break below the 1.09455 short-term Support, is bearish aimed at the 1.08050 low, while a break above the 1D MA50 should be enough to push the price towards January's 1.14850 - 1.14950 Resistance Zone.

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