Japanese Candlesticks Analysis 03.11.2021 (EURUSD, USDJPY, EURGBP)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed several reversal patterns, including Harami, close to the support level. At the moment, EURUSD may reverse and start a new ascending wave. In this case, the upside target may be at 1.1665. Later, the market may break the resistance area and continue the ascending tendency. However, an alternative scenario implies that the price may correct to reach 1.1542 first and then resume trading upwards.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed several reversal patterns, for example, Shooting Star, while testing the resistance area. At the moment, USDJPY may reverse and continue the pullback. In this case, the correctional target may be at 113.30. At the same time, an opposite scenario implies that the price may grow to reach 114.90 without testing the support level.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, such as Doji, near the resistance level, EURGBP may reverse and start another pullback. In this case, the correctional target may be at 0.8455. Later, the market may test the support area, rebound from it, and resume the ascending tendency. Still, there might be an alternative scenario, according to which the asset may continue growing to reach 0.8545 without correcting towards the support 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.