EUR/USD Found Resistance at 1.1200

EUR/USD has been moving to the upside for over a week now, pushed by the events in the States, but there will likely be at least a temporary retracement considering that it has reached a resistance level at 1.1200 – 1.1210 and it has formed both a shooting star candlestick and a spinning top candlestick below that resistance. If the signal is valid then there will likely be a move to the downside towards 1.1140, possibly even to 1.1100 again. A breakout below 1.1140 could lead to a further drop towards 1.1000 once again, a support that coincides with the (MA)89 indicator on the same four-hour time-frame. The target to the upside remains unchanged at 1.1300.