Japanese Candlesticks Analysis 01.03.2022 (EURUSD, USDJPY, EURGBP)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed a Hammer reversal pattern close to the support level. At the moment, EURUSD is reversing and may form a new rising impulse. In this case, the upside target may be at 1.1280. However, an alternative scenario implies that the price may fall to reach 1.1120 without any corrections towards the resistance area.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, during the pullback, USDJPY has formed several reversal patterns, such as Hammer. At the moment, USDJPY is reversing and may start a new growth towards the resistance area. In this case, the upside target may be at 115.70. At the same time, an opposite scenario implies that the price may correct to reach 114.75 before resuming its uptrend.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Hammer reversal pattern near the support area, EURGBP is reversing and may start another growth towards the resistance level. In this case, the upside target may be at 0.8395. Later, the market may test the level, break it, and continue the ascending tendency. Still, there might be an alternative scenario, according to which the asset may fall to reach 0.8320 before resuming its growth.

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.