EUR/USD Is Bearish for Now

EUR/USD reached the resistance at 1.1230, formed a shooting star candlestick below that level on the four-hour time-frame and started moving to the downside, eventually breaking below the support at 1.1140. The pair’s next target is likely 1.1100, which coincides with (MA)89 on the same time-frame and a breakout below that could lead to a further drop to 1.1070. All that said, let us not forget that this pair will be affected by two major fundamentals in the next twenty-four hours. The first is the announcement of the Bank of England official bank rate, as well as BOE’s Gov Mark Carney’s speech that have to occur in the next hour or so, and the other is tomorrow’s announcement of the US Non-Farm Payrolls. Trade this pair carefully.