EUR/USD Is Falling

After EUR/USD bounced off from the support at 1.1500 for a third time about two weeks ago the pair continued moving to the upside as part of the wide sideways consolidation above the aforementioned support level. That correction clearly continues for now because the pair formed a shooting star candlestick and a hanging man candlestick, both on the daily time-frame, at the resistance at 1.1790. Those candlesticks were a definite signal for a move to the downside and that move has already begun.

The pair is currently testing the support at 1.1680 and it will probably break out below that level to reach 1.1640. A breakout below that level could lead to a further move to the downside towards 1.1500 again.