EUR/USD, USD/JPY And EUR/GBP: Japanese Candlestick Analysis
Maksim Artemov | Sep 24, 2020 03:57AM ET
As we can see in the H4 chart, the downtrend continues. By now, EUR/USD has formed a "Hammer" reversal pattern close to the support level. Considering the current descending dynamics, the pair may reverse and form a slight correction, which may be followed by further decline. In this case, the downside target may be the next support level at 1.1570. At the same time, an alternative scenario implies that the instrument may continue growing to return to 1.1755.
As we can see in the H4 chart, the pair is moving close to the resistance level. After forming several reversal patterns, including "Harami", USD/JPY is expected correct and then resume moving upwards. The upside target may be close to the resistance area at 106.20. Still, there is an opposite scenario, which says that the instrument may continue falling and reach the next support level at 104.88.
As we can see in the H4 chart, the rising tendency continues. After forming several reversal patterns, including "Harami", close to the support level and reversing, EUR/GBP has rebounded from the channel’s downside border due to a strong rising impulse and may resume growing to reach the next resistance level at 0.9300. However, there might be another scenario, according to which the asset may fall and return to the support area at 0.9075.
Disclaimer: Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
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