Japanese Candlesticks Analysis 03.11.2020 (EURUSD, USDJPY, EURGBP)

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.

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.