EUR/USD Bounced off 1.1125

EUR/USD reached its target at 1.1100 and then climbed above that to 1.1125, but the move to the upside might stall or reverse altogether for now because the pair bounced off the resistance at the same level, which coincides with the (MA)89 indicator on the daily time-frame. What is more, EUR/USD has formed a shooting star candlestick on the four-hour time-frame below that level. Considering these circumstances I think that there will likely be a move to the downside towards the first level of support at 1.1040, which coincides with the same indicator on the one-hour time-frame. A breakout below that level will probably lead to a further drop towards 1.1000.