The Euro could have exhausted its pullback

On the daily chart of the EURUSD we can see that the pair has been falling and keeps a very good downtrend that took the price very close to the 1.1800 level, from where it pulls back to the upside. During the pullback, the price of the EURUSD breaks above the 1.1900 level and comes very close to the 200 day EMA, blue line, around the 1.2034 level. Monday’s daily candle is in the shape of a shooting star, which is a bearish reversal pattern. Therefore, if the price keeps dropping below the 1.1900 level, then the pair may go back to its bearish trend in the short term. The 1.1800 level may act as a support for the EURUSD, especially when we can find the 76.4% Fibonacci retracement at that zone. The 55 day EMA is pointing down and its angle of inclination is showing us that the bearish trend is still in place. To the upside, the 200 day EMA may act as a resistance.