Galina Svetlova
Technical Analysis

EUR/USD: "Inverted Hammer" points to local correction

The price has been falling down since we’ve got a “Doji” and a “Tower” patterns on the Moving Average. Also, there’s a “High Wave” pattern, which has been confirmed. Considering that there isn’t any reversal pattern so far, bears are likely going to move on. As we can see on the Daily chart, the last “Thrusting Line” has done a great job, so we’ve got two more bearish candles. Under this circumstances, the market is likely going to reach the nearest support line.
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