EUR/NZD Is About to Start Falling

EUR/NZD has been consolidating sideways for a few days now but it appears that the pair will soon start moving to the downside, because it has formed an obvious shooting star candlestick on the daily time-frame below the resistance at 1.5760 and it has broken below the support at 1.5610, which coincides with (MA)89 on the same time-frame. If this signal is valid I expect a move to the downside towards the next support level at 1.5460. We should keep in mind, however, that the situation on the monthly time-frame is completely different – the pair has formed several spinning top candlesticks above the support zone around 1.5100 – 1.5200 so even if there is a move to the downside now it will likely be only temporary.