EUR/USD, USD/JPY, EUR/GBP: Japanese Candlesticks Analysis
Maksim Artemov | Nov 03, 2020 04:17AM ET
As we can see in the EUR/USD H4 chart, the descending tendency continues. Right now, after forming several reversal patterns, such as "Hammer", close to the support area, EUR/USD is still reversing and may later reach the resistance level at 1.1710. After that, the instrument may rebound from this level and resume falling. At the same time, an alternative scenario says that the instrument may fall to reach 1.1590 without reversing and correcting towards the above-mentioned resistance 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 resistance area at 105.05, break this level, and then continue the ascending tendency. In this case, the upside target is still the next resistance level at 105.50. Still, there is an opposite scenario, which says that the instrument may continue falling to return to 104.26 before resuming its growth.
As we can see in the H4 chart, the asset continues moving within the descending channel. Right now, after forming several reversal patterns, including "Hammer", close to the support area, EUR/GBP may reverse and correct towards the channel’s upside border. In this case, the correctional target will be at 0.9070. However, judging by previous movements, the pair may yet continue falling without reversing and correcting. If it happens, the downside target will be the next support area at 0.8965.
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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