EUR/USD Is Testing the Support at 1.0950

EUR/USD finally reached the support around 1.0950 – 1.0960 as I thought it would and predictably bounced off those levels, forming a spinning top candlestick on the four-hour time-frame before it continued slowly moving to the upside. The question is whether this is the end of the overall move to the downside that started last week or not. 1.0950 is a strong support level and EUR/USD has bounced off of it several times for the past four months, but so far there is no indication, apart from the spinning top candlestick on the four-hour time-frame, that the move to the downside has ended. If it pair does break below that support we can likely expected a further drop towards the next support level, which is at 1.0820.