fxtrends
Long

Bull hammer signals pause in downtrend

FX:EURUSD   Euro Fx/U.S. Dollar
505 3 3
It appears that the Euro             decline has come to an end....at least for a few days! With weekly chart RSI at record oversold levels, the appearance of a daily bull hammer should signal a basing phase or the setup of an accumulation pattern. Moreover, daily RSI has come off a base and is now showing positive divergence. This is occurring while the top end of price action and RSI are both coiling, which are characteristics of a imminent trend reversal. If, however, there's a lack of follow through strength on Friday, then all bets are off. Otherwise a move to 1.2858 at the minimum is forecasted over the next few days.
Look left. A reversal "Hammer" in a major downtrend is what the "pros" want you to believe. Observation only.
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How many prior "Bull Hammers " Failed? Look left to be right.
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Reversing this kind of trend with a hammer??? Nope, never
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