Article By RoboForex.com
EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the asset has formed a Hanging Man reversal pattern close to the resistance level. At the moment, EURUSD is reversing and may form a new correctional impulse. In this case, the downside target may be at 1.1370. However, an alternative scenario implies that the price may continue growing to reach 1.1530 without forming any corrections towards the support area.
USDJPY, “US Dollar vs Japanese Yen”
As we can see in the H4 chart, USDJPY has formed a Hammer reversal pattern during the pullback. At the moment, USDJPY is reversing and may start a new rising wave towards the resistance level. In this case, the upside target may be at 116.00. At the same time, an opposite scenario implies that the price may correct to reach 115.00 before resuming its uptrend.
Free Reports:
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
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.
EURGBP, “Euro vs Great Britain Pound”
As we can see in the H4 chart, after forming several reversal patterns, for example, Hanging Man, 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 0.8425. Later, the market may test the area, rebound from it, and resume the ascending tendency. Still, there might be an alternative scenario, according to which the asset may grow to reach 0.8505 without testing 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.
- US Fed tilts towards a rate cut despite the postponement. HKMA left the rate unchanged at 5.75% May 2, 2024
- Brent crude oil hits seven-week low May 2, 2024
- Target Thursdays: USDJPY, Copper & EURCAD May 2, 2024
- WTI oil declines on rising inventories and negotiations between Israel and Hamas. Rising unemployment in New Zealand may force RBNZ to start cutting rates earlier May 1, 2024
- Bitcoin stumbles below $60k ahead of Fed May 1, 2024
- Expert Says Now Looks Like a Good Time To Buy This Renewable Energy Stock Apr 30, 2024
- Optimism over corporate earnings is fueling stock indices. The Hong Kong index reached a 5-month high Apr 30, 2024
- FXTM’s Copper: Hits fresh two-year high! Apr 30, 2024
- European indices grow on the ECB’s “dovish” position. Quarterly reports of mega-companies support the broad market Apr 29, 2024
- Japanese yen shows volatility amid speculation of intervention Apr 29, 2024