After consolidating between 1.10 and 1.11 for a couple of days earlier this week, following the initial liquidation on the back of easing ECB warning, the euro fell against the dollar again on Wednesday that the Federal reserve gave a more hawkish than expected statement.
After falling to 1.09 yesterday, the pair ran into the support of the ascending trend line - 13 March low - and has since stabilized again. However, after a brief period of consolidation and some GDP data which was roughly in line with expectations, the pair may be about to fall again.
The last finished candle on the 4 hour chart is a shooting star that is usually quite bearish. However, the pair has been rallying since formed candle that could tell us how much he is bearish.
If the pair rallies and took the top of the shooting star, he suggested that the market is not bearish now that the candle suggests. At this point, I will continue to look for signs that the pair is on the backhand return down.
If on the other hand the pair fails at or just below the top, it suggests that we may see another move lower. A move below the low current candle would be further support this.
If we see that, then we could see a challenge of yesterday's low, a break that could prompt a return to the May and July lows around 1.08, where the pair might find strong support.
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