Japanese Candlesticks Analysis 15.12.2020 (EURUSD, USDJPY, EURGBP)

Article By RoboForex.com

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the correction within the ascending tendency continues. Right now, after forming several reversal patterns, such as Hanging Man, close to the horizontal resistance level, EURUSD may reverse in the form of another correction with the target at 1.2100. After completing the correction, the pair may resume trading upwards. In this case, the upside target may be at 1.2220. Later, the market may continue its growth.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after testing the horizontal support level and forming an Engulfing pattern, USDJPY is reversing. The correctional target may be near the descending channel’s upside border. After finishing the correction, the asset may continue trading downwards to reach the support area at 103.20. At the same time, an opposite scenario says that the price may continue growing with the target at 104.65.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, the ascending tendency continues. Right now, after forming several reversal patterns, such as Hammer, not far from the horizontal support level, EURGBP is reversing and may later continue moving upwards. In this case, the upside target may be at 0.9220. However, judging by previous movements, the pair may start another pullback to reach the support area at 0.9055.

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.