Lower than expected NFP figures did not change the outlook for EURUSD. After a very complex sideways correction EURUSD is continuing the larger downwards trend. This next move down should be 3rd of a 3rd wave and the most powerful in the 5 wave sequence. I am expecting a similar and more powerful decline that we got from the high at 1.1713 to low of 1.10865. This was over 600 pip move and if we get similar move next, prices would be around 1.08 after the decline. Ultimately i am expecting this decline to form 5 waves of one larger degree and we should see new long term lows, below the recent 1.046 low.
EURUSD 4 Hour Chart
EURUSD Daily Chart