Japanese Candlesticks Analysis 09.03.2021 (EURUSD, USDJPY, EURGBP)

Article By RoboForex.com

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the correction continues. While testing the support area, the asset has formed several reversal patterns, including Inverted Hammer. At the moment, EURUSD is reversing and may later resume growing towards the resistance area. In this case, the upside target may be at 1.1930. However, an alternative scenario implies that the price may continue falling to reach 1.1775 without any corrections.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY has formed several reversal patterns, such as Hanging Man, while testing the resistance level. Judging by the previous movements, one may assume that the asset may reverse and start a new pullback. In this case, the correctional target is the support area at 108.50. After that, the instrument may rebound from this level and resume trading upwards. At the same time, an opposite scenario implies that the price may grow to reach 109.95 without reversing and correcting.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, the asset continues trading close to the support level. After forming several reversal patterns there, such as Inverted Hammer, EURGBP may reverse and form a slight pullback. In this case, the upside target may be the resistance area at 0.8620. Still, there might be an alternative scenario, according to which the asset may continue falling to reach the downside target at the next support level at 0.8525 without reversing and correcting.

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.