Candlestick patterns come in many forms and they have the power to turn market direction. They are usually made up of two or three candlesticks but always require confirmations if they are to be used in a trade. Candlestick patterns allow us to get into a trade early but this can only be achieved if the correct analysis is utilised. Never simply rely on the candlesticks themselves because they can provide a fake picture of the current market situation. Below is a list of candlestick patterns you are required to know, so ensure that you watch all the Forex training videos.
Even in the face of a -14.4% drop in net-longs over the past two weeks, EUR/USD was still able to push to new highs going back to December 2014. Needless to say, it will take a great deal of negativity – a change in tone by the ECB, a substantial turn in economic data – for traders to give up on their Euro bullishness.
Speculation on Fed monetary policy has driven volatility across the markets since the beginning of the month. Minutes from January's FOMC meeting promise more of the same ahead.
In the week ahead, markets will look to try and follow-through from last week, but look for more two-way trade as the rally gets tested.