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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: "Shooting Star" calling bearish correction

EUR/USD: "Shooting Star" calling bearish correction

The price has found a lodgement under the 144 Moving Average, but we’ve got a “Hanging Man” and an “Engulfing”. However, a confirmation of both patterns is a quite weak. Therefore, the market is likely going to a local downward correction toward the 144 Moving Average. If a pullback from this line happens, there’ll be an opportunity to have another upward movement. As we can see on the Daily chart, there isn’t any reversal patterns so far, but considering the situation, which is taking place on the four-hour chart, it’s likely to have a local correction and a further bullish steps afterwards.

EUR/USD: "Shooting Star" calling bearish correction

There’s a local consolidation inside the current upward movement. Also, we’ve got a “Shooting Star” and a “Doji” at the local high. So, if we see a pullback from the nearest support line, bears are likely going to deliver a correction, so we should keep an eye on the closest Moving Averages. 

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