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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" led to a massive decline and bears ready to move on

EUR/USD: "Engulfing" led to a massive decline and bears ready to move on

There’re a “Shooting Star” and an “Engulfing” at the local high. Also, we’ve got a “Hammer”, but it hasn’t been confirmed yet. So, the market is likely going to test the lower side of the nearest huge “Window”, which can act as a resistance. As we can see on the Daily chart, here’s a pattern similar to an “Engulfing”. The last candles are bearish, so the current downward movement is probably going to move on.

EUR/USD: "Engulfing" led to a massive decline and bears ready to move on

We’ve got an “Inverted Hammer” at the nearest support line, which led to the current upward correction. At the same time, here’s a “Doji” at the local maximum, so the price is likely going to test the support once again. If a pullback from this line happens later on, bulls will probably try to reach the upper side of the “Window”.

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