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EUR/USD Price Analysis: Inverted hammer hints at corrective bounce

1 month ago   |   By FXCM

EUR/USD could be in for a corrective bounce, having printed an inverted hammer on Friday.
Friday's inverted hammer is backed by an oversold reading on a key daily chart indicator.
EUR/USD produced an inverted hammer candle on Friday, confirming the below-30 or oversold readings on the 14-day relative strength index and opening the doors for a corrective bounce.
An inverted hammer comprises long upper shadow, small body and little or no lower wick. The pattern typically appears after a prolonged downtrend, as is the case here, and indicates the buyers are beginning to test sellers' resolve...
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