EUR/CAD Is Dropping

Last week, before the market closed, the EUR/CAD pair moved sharply to the upside before bouncing off the resistance at 1.4750. When the market opened today it opened with a bullish gap, but afterwards it formed a shooting star candlestick on both the one-hour and thirty-minute time-frames and started moving to the downside, not only recovering the gap, but continuing on its way down until the pair reached the support at 1.4650, which coincides with (MA)89 on the thirty-minute time-frame. EUR/CAD will likely break below that support level and if it does we can probably expect a further drop towards the next support level at 1.4610, which coincides with (MA)89 on the one-hour time-frame.