Japanese Candlesticks Analysis 08.10.2020 (EURUSD, USDJPY, EURGBP)

Article By RoboForex.com

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the asset is finishing the correction within the downtrend. By now, EURUSD has formed several reversal patterns, such as Harami and Shooting Star, close to the channel’s upside border. Possibly, the pair may reverse and resume its decline. In this case, the downside target may be the next support level at 1.1620. At the same time, an alternative scenario says that the instrument may grow to reach 1.1830 before resuming the downtrend.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, the uptrend continues. After forming several reversal patterns, such as Shooting Star, not far from the resistance level, USDJPY may reverse, form a slight correction, and then resume 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 correct towards 105.25 before resuming the uptrend.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, the asset is completing the correction within the descending tendency. After forming several reversal patterns, including Shooting Star, close to the resistance level, EURGBP is still reversing. The downside target is the support level at 0.9000. However, there might be another scenario, according to which the asset may return to 0.9155 without reversing.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.