EUR/CAD Is Bearish

EUR/CAD moved sharply to the downside today, after forming a rather impressive shooting star candlestick on the four-hour time-frame below the resistance at 1.4980. Currently the pair is testing the support at 1.4890, which coincides with the (MA)89 indicator on the same four-hour time-frame. A breakout below that level could lead to a further move to the downside towards 1.4800, and a breakout below that level in turn could be a signal for another drop towards the previous low at 1.4725, which is visible on the daily time-frame and has formed slightly above the (MA)89 indicator on the same time-frame.