Japanese Candlesticks Analysis 24.11.2020 (EURUSD, USDJPY, EURGBP)

Article By RoboForex.com

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the ascending tendency continues. Right now, after finishing the correction and forming several reversal patterns, such as Doji, close to the support area, EURUSD is reversing. The upside target remains at 1.1970. After that, the instrument may continue moving upwards. However, an alternative scenario implies that the price may start a new pullback to return to 1.1810 before resuming the uptrend.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after rebounding from the support area and finishing another correction, the asset has formed several reversal patterns, such as Engulfing, not far from the horizontal resistance level. Possibly, the asset may reverse and continue the descending tendency. The downside target is at 103.15. At the same time, an opposite scenario says that the price may continue growing towards 104.80 without reversing and reaching the above-mentioned target.

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, such as Hammer and Inverted Hammer, not far from the horizontal support level, EURGBP may reverse and correct towards the channel’s upside border. In this case, the correctional target may be at 0.9000. However, judging by previous movements, the pair may yet continue falling towards the channel’s downside border without reversing. In this case, the downside target will be at 0.8840.

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.