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Japanese Candlesticks Analysis : EUR/USD, USD/JPY, EUR/GBP

ByMaksim Artemov
Published 08/21/2020, 05:44 AM
Updated 07/09/2023, 06:32 AM

EUR/USD:  As we can see in the H4 chart, the uptrend continues. By now, after forming an "Engulfing" pattern not far from the support level, EUR/USD is reversing. Considering the current bullish dynamics, the price may continue trading upwards to reach the resistance level at 1.1990. At the same time, an alternative scenario implies that the instrument may continue falling to return to 1.1830.
EURUSD
USD/JPY: As we can see in the H4 chart, after forming a "Hammer" pattern and reversing, USD/JPY is moving towards the support level. The current situation implies that after rebounding from the level the market may resume trading upwards to reach the resistance area at 106.70. Still, there is an opposite scenario, which says that the instrument may break the support level and continue falling towards 105.15.
USDJPY
EUR/GBP: As we can see in the H4 chart, the pair is once again testing the support level. After finishing several reversal patterns, including "Inverted Hammer", EUR/GBP has started reversing. The upside target is at 0.9040. Later, the price may continue moving upwards. However, there might be another scenario, according to which the asset may fall towards 0.8960 without reversing.
EURGBP

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.

Latest comments

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