EUR/USD: developing bearish correction

EUR/USD: developing bearish correction

2901eurusdH4 (2).png

There's a developing bearish correction, but the last bullish "Piercing Line" is still on the table. So, if the 34 Moving Average acts as support, there'll be a moment to have another upward price movement.

2901eurusdH1 (2).png

We've got a bullish "Hammer", so the market is likely going to test the closest resistance area. If any bearish pattern forms little later on, we could have another decline towards the Moving Averages.

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Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.

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