EUR/USD Will Likely Start Falling

EUR/USD made a second attempt last week to rally towards the last high at 1.1445 and almost reached it before bouncing off from 1.1440, essentially forming a double top. What is more, the pair also formed a very clear and obvious hanging man candlestick on the weekly time-frame at that level, as well as a spinning top candlestick on the daily time-frame, also at that level. Considering the double top and the two candlesticks a new move to the downside has become quite likely. Should that occur the closest target for the pair will probably be around 1.1300, and a breakout below that support could lead to a further drop towards 1.1270.