EUR/CAD Continues Falling

EUR/CAD is still very bearish despite the spinning top candlestick and the inverted hammer candlestick the pair had formed at the support at 1.5315. The pair broke out below that support and continued moving to the downside. All that said, the bearish trend is not surprising, because on the monthly time-frame there is a very strong signal for trend reversal and a long-term move to the downside. Namely, there is a rather spectacular shooting star candlestick that has formed at the resistance at 1.6150 after which the overall move to the downside began. The long-term target of that movement will probably be around 1.4900, and a breakout below that level could lead to the (MA)89 indicator on the monthly time-frame, which is at 1.4540.