EUR/CAD Is Retracing

EUR/CAD has been slowly moving to the upside for about a month now and it reached a high at 1.5570 where it finally found some resistance and bounced off from after forming an obvious shooting star candlestick on the four-hour time-frame. The pair is still bearish and it is testing the support at 1.5400. If it breaks out below that level it will likely continue falling towards the support at 1.5330, which is the (MA)89 indicator on the four-hour time-frame. A breakout below that level could lead to a further move to the downside towards 1.5220 – 1.5200. On the other hand, the target to the upside if or when the pair breaks out above the last high at 1.5570 is likely around 1.5650 – 1.5700.