The EUR/USD pair rebounded from the mark of 1.37. However, the short-term viewpoint n the currency pair is bearish. Earlier on a 4-hour chart, the EUR/USD had formed Shooting Star candlestick that is signal for the decline.
This candlestick formed on the uptrend. Nevertheless, the bears started to increase their influence and a rollback happened near January 2010 high.
The breakout of Fibonacci correctional level 23.6 and support level of 1.3777 means that the uptrend is broken through, as well as confirms this point of view.
Now, the downside movement to 1.3382 should be expected, where Fibonacci correctional level is set.
The combination of candlesticks Dark Cloud Cover, formed on a daily chart of the EUR/USD, confirms the uprising movement.
On the other hand, if the resistance level of 1.4157 is breached then short positions should be cut, as it will lead to annual highs.