EUR/USD Technical Outlook:

EUR/USD has already broken below the MACD predictor indicator, and it is trading sideways. So even though the price action does not confirm bearish continuation, the sideways move shows a feeble upward bullish reaction which is looking like just a retracement against solid forward as downward. So downward continuation has great chances because of this breakout of the MACD predictor to the downside, and we will show you on one-hour time frame what else we can wait for in order to open sell positions.

The feeble upward retracement of yesterday and today so far has created a very slow-moving upward channel on one-hour time frame. However, this channel is not looking very strong for upward continuation. Therefore, if we see a breakout below the channel, we will take sell position.

This is our plan, and taking profits simply will be at least a break below Monday's low, and the stop loss will be above today's high.

Even after release of pore ADP NFP today, EUR USD has started moving down right after one hour after release of the ADP NFP. SO downward momentum has more strength, and we are going to enter sell as soon as it breaks the channel.