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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: "Engulfing Bearish" brought to naught the bullish correction

EUR/USD: "Engulfing Bearish" brought to naught the bullish correction

The price has been declining since an “Engulfing Bearish” arrived near the upper “Window”. However, an “Inverted Hammer” has just formed, so an upward correction becomes possible. It’s likely that the 34 Moving Average is going to act as a resistance. If so, bears will be free to move on. As we can see on the Daily chart, there’s a “Harami” on the 55 Moving Average, so the price is likely going to test the nearest support once again.

EUR/USD: "Engulfing Bearish" brought to naught the bullish correction

We’ve got a “Harami” at the last low, which could be just a beginning of coming upward correction. Also, there’s an “Engulfing”, so a local downward movement is possible during the day. If the price forms a pullback from the nearest support afterwards, bulls will likely try to continue the current correction. 

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