The EUR/USD fell to a new low on the year last week at 1.2357. Since then, it has consolidated into this week, rallying to 1.25.EUR/USD 4H Chart 11/12(click to enlarge) After a couple of attempts, we are seeing a failure to break 1.25. As we close the 11/12 session, EUR/USD is testing a rising speedline and threatening a speedline, poised to test the 1.24 handle, with risk of falling back to the 1.2360 area. Also note that the 4H RSI was at 60 and is now turning back down. This shows maintenance of the bearish momentum, and adds weight to the bearish continuation scenario to test the 1.2360 area again.Now, with price under 1.25, the pressure remains to the downside. But if let's say after tomorrow's US jobs data (jobless claims, JOLTS job openings), the EUR/USD rallies above 1.25, then we should expect some bullish correction. The next level the market might be selling from is the 1.2575-1.26 area. Here we have a previous resistance pivot and possibly the falling trendline from mid-October's high of 1.2887.