Japanese Candlesticks Analysis 13.10.2020 (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 Hanging Man, 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 1.1705. At the same time, an alternative scenario says that the instrument may grow to reach 1.1875 before resuming the downtrend.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, the asset is finishing the correction within the uptrend. After forming several reversal patterns, such as Hammer, not far from the support level, USDJPY may rebound from this level, and 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 105.00 before resuming the uptrend.

EURGBP

As we can see in the H4 chart, the descending tendency continues. After forming several reversal patterns, including Hammer, close to the support level, EURGBP is still reversing. The correctional target is the resistance level at 0.9110. However, there might be another scenario, according to which the asset may continue falling without reversing. In this case, the downside target will be the next support level at 0.8990.

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.