EUR/USD Continues Falling

EUR/USD had formed a rather impressive hammer candlestick at the support at 1.1825 which was supposed to be a good signal that the move to the downside had ended, but sometimes signals like this prove to be false. The pair continued falling and eventually broke out below the aforementioned support at 1.1825. It is now at the next support at 1.1765 and it is still quite bearish. What is more, the pair has formed a shooting star candlestick on the monthly time-frame at 1.2475, which indicates a long-term move to the downside. Next target will probably be around 1.1700 and it is quite likely that the pair will break out below that level too.