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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: "Morning Star" led to the upward correction

EUR/USD: "Morning Star" led to the upward correction

There’s a “Morning Star” at the local low, which led to the current upward correction. The 21 Moving Average is acting as a resistance. However, there’s nothing that can stop bulls on the way towards the 34 Moving Average. If we see any bearish patterns on this line, sellers will probably try to taste the lower “Window” once again. As we can see on the Daily chart, a “Low-Price Harami” hasn’t been confirmed, so the pair is free to test the 55 Moving Average again. If so, bears are going to return into the game.

EUR/USD: "Morning Star" led to the upward correction

We’ve got a “Tower”, a “Harami” and a “Doji” at the local low. The last candles are bullish and there isn’t any reversal pattern so far. Therefore, the current correction is likely going to move on until a bearish pattern arrives.

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