EUR/USD, USD/JPY, EUR/GBP: Japanese Candlesticks Analysis
Maksim Artemov | Oct 26, 2020 05:35AM ET
As we can see in the H4 chart, the correction within the uptrend continues. Right now, after forming a "Hanging Man" pattern close to the resistance area, EUR/USD is reversing and may later resume falling to reach the target at the support level at 1.1745. At the same time, an alternative scenario says that the instrument may grow to reach 1.1900 without correcting towards the above-mentioned support level.
As we can see in the H4 chart, after forming several reversal patterns, such as "Hammer", close to the support area, USD/JPY is reversing. In the future, the price may test the next resistance area at 105.70, break this level, and then continue the ascending tendency. In this case, the upside target is the resistance level at 106.45. Still, there is an opposite scenario, which says that the instrument may continue falling towards 104.26 before resuming its growth.
As we can see in the H4 chart, the correction within the descending tendency continues. After forming several reversal patterns, including "Hammer", not far from the support level, EUR/GBP has started reversing. The upside target is the next resistance level at 0.9145. However, according to an alternative scenario, the asset may continue trading downwards to reach 0.9000 without testing the above-mentioned resistance area.
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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