EUR/USD Might Start Falling

The EUR/USD sideways consolidation continues for now, last Friday the pair tested the support at 1.1160 once again before bouncing off from it, but that sideways consolidation had an expected consequence – the pair formed a very distinct shooting star candlestick on the weekly time-frame, right under the resistance at 1.1270. Such a candlestick is a very telling signal that once that sideways consolidation ends there could be a further move to the downside. Should that happen and if there is a breakout below the aforementioned support at 1.1150 EUR/USD will likely continue falling towards 1.1100, which is the closest support level and it coincides with the (MA)89 indicator on the four-hour time-frame. A breakout below that level will probably lead to a further drop towards 1.1060, which is the same indicator, but on the weekly time-frame.