Japanese Candlesticks Analysis 11.05.2021 (EURUSD, USDJPY, EURGBP)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset is forming another correction within the uptrend. After testing the resistance area, the pair has formed several reversal patterns, including Hanging Man. At the moment, EURUSD may reverse and start a new pullback towards the support level. In this case, the correctional target may be at 1.210. However, an alternative scenario implies that the price may continue growing to reach 1.2200 without testing the support level.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed several reversal patterns, such as Inverted Hammer, not far from the support area during the pullback. At the moment, the asset is reversing and may start a new growth towards the upside target at 109.60. At the same time, an opposite scenario implies that the price may correct towards 105.90 and then resume growing.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, such as Inverted Hammer, while trading close to the channel’s downside border, EURGBP may reverse and grow to reach the resistance area. In this case, the upside target may be at 0.8640. Later, the market may rebound from the level and resume falling. Still, there might be an alternative scenario, according to which the asset may fall to reach 0.8565 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.