EUR/USD Started Falling

EUR/USD started dropping yesterday as I thought it would after forming a second doji candlestick on the four-hour time-frame below the resistance at 1.1240. What is more, the pair not only reached its target at 1.1180, but it broke below that level and now it is testing the next support level at 1.1150. The support at this level is quite strong and it remains to be seen whether the pair will break below it now, especially with the looming fundamentals that should be announced later this week. On the other hand, the pair has also formed a spinning top candlestick on the weekly time-frame, which is another strong signal for a move to the downside. A breakout below 1.1150 would lead to a further drop towards 1.1100 – 1.1080.