EUR/CAD May Start Falling

The long-term sideways consolidation that EUR/CAD has been forming for months now continues, that much is clear from the longer time-frames, but the shorter time-frames, starting with daily one, show that the current move to the upside is likely over and the pair will probably start falling. The reason for that conclusion is the pair of shooting star candlesticks that have formed at 1.5125 on the daily time-frame, as well as the double top that has formed on the four-hour time-frame at that level. What is more, the pair has tested, unsuccessfully so, the resistance around 1.5130 – 1.5150 more a few times. If those signals prove valid the pair will probably start falling towards the first likely support level at 1.4925, which is the (MA)89 indicator on the four-hour time-frame.