Article By RoboForex.com
EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the asset has completed the correction by forming several reversal patterns, including Harami, close to the resistance level. At the moment, EURUSD may reverse and start a new decline. In this case, the downside target may be at 1.1500. Later, the market may break the support area and continue trading downwards. However, an alternative scenario implies that the price may correct to reach 1.1650 first and then resume trading downwards.
USDJPY, “US Dollar vs Japanese Yen”
As we can see in the H4 chart, USDJPY has formed several reversal patterns, for example, Hanging Man, while testing another resistance area. At the moment, USDJPY is reversing and may start a new correctional impulse towards the support level. In this case, the correctional target may be at 113.60. At the same time, an opposite scenario implies that the price may continue growing towards 114.95 without any corrections.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
EURGBP, “Euro vs Great Britain Pound”
As we can see in the H4 chart, after forming several reversal patterns, such as Inverted Hammer, near the support level, EURGBP may reverse and start a new pullback. In this case, the correctional target may be at 0.8484. Later, the market may test the resistance area, rebound from it, and resume the descending tendency. Still, there might be an alternative scenario, according to which the asset may continue falling to reach 0.8400 without testing the resistance area.
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.
- Target Thursdays: NAS100, Robusta Coffee, USDCHF Apr 25, 2024
- QCOM wants to create competition in the AI chip market. Hong Kong index hits five-month high Apr 25, 2024
- Japanese yen hits all-time low as BoJ meeting commences Apr 25, 2024
- TSLA shares rose on a weak report. Inflationary pressures are easing in Australia Apr 24, 2024
- USDJPY: On intervention watch Apr 24, 2024
- Euro gains against the dollar amid mixed economic signals Apr 24, 2024
- PMI data is the focus of investors’ attention today. Turkey, Iraq, Qatar, and UAE signed a transportation agreement Apr 23, 2024
- Australian dollar rises on strong economic indicators Apr 23, 2024
- Geopolitical risks in the Middle East are declining. China kept interest rates at lows Apr 22, 2024
- Brent crude dips to four-week low amid easing geopolitical tensions Apr 22, 2024
