In a 4-hour graph the EUR/USD currency pair has declined to the support level at 1.4150, to rebound up further.
Earlier the EUR/USD formed a In-Neck candlestick combination indicating further downside movement, confirmed further.
This candlestick combination shows that the pair dropped sharply after it could not fixate above the 1.4900 level, thus forming a Bullish Trap. Besides, the bears started to increase their influence at the break of the uptrend.
Downside movement is supported by the fact the EUR/USD broke the Fibonacci correction level 23.6, which allowed the pair to reach the support level 1.4150 where the Fibonacci correction level 38.2 is also located.
Moreover, in a 4-hour graph the pair formed a bearish candlestick combination Falling Three Methods, which strengthened the decline.
It is worth mentioning that stop loss orders should be placed slightly above 1.4600 as a break of this level will target the pair to 1.4755.
