EUR/USD Is Consolidating

EUR/USD has been consolidating ever since the pair found a strong resistance at 1.1910 and bounced off from that level over three weeks ago. Despite that consolidation the pair still appears to be quite bullish, although on the weekly time-frame EUR/USD has formed three very telling candlesticks that could be a signal either for a reversal, or for a deeper retracement. Namely, the pair formed a shooting star candlestick, as well as a pair of hanging man candlesticks, all beneath the resistance at 1.1910. Should a bigger move to the downside really begin, the pair will likely fall towards 1.1600 or even towards 1.1500. On the other hand, a breakout above the previous high at 1.1910 could be a signal for a further move to the upside towards 1.2100, which is the (MA)89 indicator on the monthly time-frame.