EUR/USD: "Inverted Hammer" pattern

EUR/USD: "Inverted Hammer" pattern


There're bullish patterns such a "High Wave" and an "Engulfing", which both have been formed at the local low. In this case, the market is likely going to test the 34 Moving Average, which could be a departure point for another decline.


We've got an "Inverted Hammer" pattern, but bulls faced with the nearest resistance, so we could have a local bearish correction during the day. Nevertheless, an upward correction is likely going to be continued afterwards.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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