Japanese Candlesticks Analysis 02.12.2021 (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 Doji, close to the support level. At the moment, EURUSD may reverse and start a new correctional impulse. In this case, the upside correctional target may be at 1.1365. Later, the market may rebound from the resistance area and resume the descending tendency. However, an alternative scenario implies that the price may continue falling to reach 1.1160 without testing the descending channel’s upside border.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed several reversal patterns, for example, Harami, while testing the support area. At the moment, USDJPY may reverse and start a new wave to the upside towards the resistance level. In this case, the upside target may be at 113.65. At the same time, an opposite scenario implies that the price may continue falling to reach 112.50 without correcting and reaching the resistance level.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Harami reversal pattern near the resistance level, EURGBP is reversing and may start another decline towards the support area. In this case, the downside target may be at 0.8465. Later, the market may test the area, break it, and continue the descending tendency. Still, there might be an alternative scenario, according to which the asset may continue growing to reach the channel’s upside border at 0.8545 before resuming its decline.

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.