Article By RoboForex.com
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, the descending tendency continues. Right now, after forming several reversal patterns, such as Hammer, close to the support area, EURUSD 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.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after forming several reversal patterns, such as Hammer, close to the support area, USDJPY 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.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
EURGBP, “Euro vs. Great Britain Pound”
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, EURGBP 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.
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.
- RoboForex Receives Best Introducing Broker Programme Award Nov 18, 2024
- The hawkish attitude of FOMC representatives puts pressure on stock indices. Oil is growing amid escalation in Eastern Europe Nov 18, 2024
- AUD/USD Stabilises Amid RBA’s Hawkish Outlook Nov 18, 2024
- COT Metals Charts: Speculator Changes led lower by Gold & Platinum Nov 17, 2024
- COT Bonds Charts: Large Speculator bets led by 2-Year & Ultra Treasury Bonds Nov 17, 2024
- COT Soft Commodities Charts: Large Speculator bets led by Corn & Soybean Oil Nov 16, 2024
- COT Stock Market Charts: Speculator Bets led by MSCI EAFE & VIX Nov 16, 2024
- The Dollar Index strengthened on Powell’s comments. The Bank of Mexico cut the rate to 10.25% Nov 15, 2024
- EURUSD Faces Decline as Fed Signals Firm Stance Nov 15, 2024
- Gold Falls for the Fifth Consecutive Trading Session Nov 14, 2024
