EUR/USD Bearish after Fundamental News

EUR/USD broke through 1.3400 today on Forex market - showing a new 7-week low. Good macroeconomic data from U.S. was the reason for this break-through. Nonfarm payrolls - a major employment indicator of the U.S. economy - increased by 157,000 in May (22 thousands more than expected), while ISM Index - reported an increase by 0.3% up to 55.0% (against 54.0% expected). ISM Index means a lot in the U.S. economy because it describes its most powerful industries, and greatly influences FOMC rate decisions. Now it is quite possible to see an increase in U.S. interest rates by 0.25% this Fall, in my opinion.

Possible EUR/USD Reversal?

Jamie Saettele, Technical Currency Analyst of DialyFX suggests a soon EUR/USD reversal movement considering several Forex technical factors that can influence traders in the next few weeks. Saettele lists several Resistance levels which might appear to be quite impassible for EUR/USD bulls, while providing more in-depth technical analysis to prove his point. To read more of Jamie Saettele's article click here. I've tried to apply my own analysis combined with Wolfe waves theory and have came to the conclusion that the major turning point in EUR/USD is quite possible to happen this week:

Point "5" (see chart) is the point after which the strong bearish must follow. This wave (according to Wolfe waves rules) will last until it reaches a cyan line which goes through points "1" and "4" - this is 1.2700-1.2800 level, which is quite far below. Nothing can be guaranteed on Forex market, but I think that we've got a good probability of some bearish movements on EUR/USD.