Trend reversal on the Euro?

The Euro versus the Dollar has been falling steadily during the last few trading sessions since it started falling from the 1.0900 zone. At the 1.0900 level we can see the formation of a candlestick shooting star pattern, which is confirmed as shown on the daily chart by the two bearish candles following the formation. Therefore, it is possible for the pair to continue falling, maybe towards the 1.0700 level, which could act as support. Once the pair breaks below the 1.0800 level and below the 200 day EMA (blue line), the bearish momentum accelerates and we could see a trend reversal if the MACD line (green line) crosses below its signal line (red line). On the MACD indicator we can also see that the histogram’s bars are getting smaller, which is an indication that the bullish trend is losing its strength. To the upside, if the EUR/USD goes back above the 1.0800 level, then its next resistance level could be the high that it made on the 1.0900 zone.