EUR/USD Bounced Off from 1.0900

EUR/USD has been very bullish for the past several weeks and the pair moved to the upside with about 400 pips, reaching a resistance level at 1.0900, above which it could not break out. It formed a rather impressive shooting star candlestick on the daily time-frame at the aforementioned resistance and unsurprisingly started retracing to the downside. The pair has almost reached the closest support at 1.0750, which coincides with the (MA)89 indicator on the four-hour time-frame. A possible breakout below that level could lead to a further move to the downside towards the next major support level, which is at 1.0700 and coincides with the same indicator, but on the daily time-frame.