EUR/USD: Candlestick Analysis || 04-03-2016

By: Galina Svetlova

There's a bullish “Hammer” at the last low. It’s likely that a local upward correction will go on in a range of previously formed “Window”, but bears could come back afterwards. As we can see on the daily chart, here’s a couple of “High wave” patterns, but a confirmation hasn't arrived yet, so the downward movement can go even lower in the short term.

Let’s have a look at the one-hour chart. There’s a flat in progress under the “Window” resistance area. We've got an “Engulfing Bullish” and a “Tweezers” patterns, so it’s likely to see an upward movement towards the 34 Moving Average line.