EUR/USD expected to turn lower
EUR/USD has seen another brief move higher this morning, posting a shooting star candle on the four-hour chart. We have a very clear downtrend in place for the pair and despite a brief foray above trendline resistance, it is likely that this downtrend will continue apace soon enough.
Whether it is from the 50% ($1.1186), 61.8% ($1.1199) or 76.4% ($1.1216) remains to be seen, but a bearish view is in play unless we see an hourly close above $1.1243. Support levels of note are $1.1129, $1.1080 and $1.1059.