The EUR/USD has been trading around 1.14 heading into last Friday's US NFP event risk. After a whiplash reaction, the pair is still trading around 1.14, but we may have a diamond top formation.EUR/USD 1H Chart 4/4(click to enlarge)There were 215K jobs added to the economy in April, slightly better than average forecasts around 206K. An uptick of the unemployment rate to 5.0% was due to increased participation, so it is actually a good sign. On top of that, average earnings per hour increased 0.3%. http://www.bloomberg.com/news/articles/2016-04-01/payrolls-in-u-s-increased-215-000-in-march-as-wages-picked-upOverall, the jobs report was positive. Does the market agree that this should strengthen the USD? Not yet. The market has been uncertain about the USD after the jobs data. The EUR/USD for example looks like it is struggling to hold above 1.14. Also, the 1H chart shows a "diamond" formation, which could be a sign of price topping at least in the very short-term.I can see EUR/USD deflating last week's rally back towards the 1.1290 area this week. The repeat resistance around 1.14 suggests EUR/USD is looking down in the short-term. After Monday's (4/4) session, a break below 1.1360 should strengthen this bearish outlook towards 1.1290-1.13. Below that, we have the 1.1150 support pivot, then the 1.1080-1.11 level in sight. For now, I would limit any bearish outlook to this area and see what happens there before assessing direction. EUR/USD Daily Chart 4/4 (click to enlarge) Remember, EUR/USD has been in a choppy sideways consolidation for a year now, so we should limit our bullish/bearish outlooks to the short-term. In the daily chart, we can see that a projection of EUR/USD to 1.10 would mean a return to the middle of the year-long range. This should be the most aggressive bearish outlook for EUR/USD right now. Perhaps, we can leave a small partial position for a chance to run to 1.08, but we should definitely not put all our chips for a dip to the 1.0450-1.05 range support.