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Galina has been using the Japanese Candlesticks in trading since 2004. Meanwhile, she has wrote dozens of articles about these patterns, because nowadays it's possible to see a lot of things that couldn't be discovered in the good old days. Everyday Galina share her expert opinion about EUR/USD and USD/JPY on the fxBazooka.com.

EUR/USD: "Three Methods" helped to bears

Galina Svetlova

EUR/USD: "Three Methods" helped to bears

Despite of a “Shooting Star” and an “Engulfing” at the last high, the current decline looks like just a local correction. The price has reached the 55 Moving Average, which could act as a support, so a small bullish movement is a likely possible in the next few hours. Anyway, the main target for bears is the nearest “Window”. As we can see on the Daily chart, there’re a “High Wave” and a “Doji”, which both have been confirmed, so today’s candle is likely going to be a black one.

EUR/USD: "Three Methods" helped to bears

We’ve got a very bearish “Shooting Star” with a quite long shadow, which led to the current downward movement. The price found a lodgement under the Moving Average lines. We don't have any reversal patterns so far, but the market is likely going to taste the 144 Moving Average once again. If a pullback from this line happens, it's be a chance for bears to deliver a new low.

EUR
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