Despite some bullish action last Friday, price action remains firmly bearish over all. All technical indicators show extreme bearish conditions. Price hasn't gone anywhere near it's 100 period moving average for over a month now.
(4 hour EURUSD chart)
The best we can draw at the moment is this bearish channel on the 4 hour chart, which shows that despite Fridays fireworks with the US employment data, price is still within the channel, and with news from Europe not improving, we'd expect to see it keep dropping, possibly as far as 1.18.
