Japanese Candlesticks Analysis 28.04.2021 (EURUSD, USDJPY, EURGBP)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset is correcting within the uptrend. While testing the support area, the pair has formed several reversal patterns, including Engulfing. At the moment, EURUSD may reverse and grow towards the next resistance area. In this case, the upside target may be at 1.2145. However, an alternative scenario implies that the price may continue correcting to reach 1.2025 before resuming its ascending tendency.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed several reversal patterns, such as Doji and Engulfing, while testing the support level. At the moment, the asset may reverse and start a new growth towards the resistance area. In this case, the upside target may be at 109.45. At the same time, an opposite scenario implies that the price may fall towards 108.10 and then resume growing.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, the asset continues trading close to the resistance level. After forming several reversal patterns there, such as Harami, EURGBP may reverse and fall to reach the support area. In this case, the downside target may be at 0.8650. Later, the market may break the support level and continue falling. Still, there might be an alternative scenario, according to which the asset may grow to reach 0.8730 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.