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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: "Hammer" calling an upward correction

EUR/USD: "Hammer" calling an upward correction

There’re an “Engulfing” and a “Hammer” at the last low, but both patterns have a quite weak confirmation. So, the market is likely going to get a resistance at the middle of the last huge black candle. If a pullback from this level happens, there’ll be an opportunity to have another downward price movement. As we can see on the Daily chart, the two last “High Waves” haven’t been confirmed, so bears will probably move on until any reversal pattern arrives.

EUR/USD: "Hammer" calling an upward correction

The price has been declining, but we’ve got a “Hammer” at the last low. Therefore, the pair is likely going to reach the 34 Moving Average during the day. However, if buyers be stopped by this line, bears will probably deliver a new low shortly.

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