Japanese Candlesticks Analysis 26.05.2022 (EURUSD, USDJPY, EURGBP)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed an Inverted Hammer reversal pattern close to the support area. At the moment, EURUSD may reverse in the form of a new ascending impulse. In this case, the upside target may be at 1.0810. However, an alternative scenario implies that the price may fall to reach 1.0615 first and then resume the uptrend.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Harami pattern not far from the support area. At the moment, the asset is reversing in the form of a new correctional impulse. In this case, the upside correctional target may be at 127.90. At the same time, an opposite scenario implies that the price may fall to reach 126.25 and continue the downtrend without any corrections towards the resistance level.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Hammer pattern near the support area, EURGBP is reversing in the form of a new ascending impulse. In this case, the upside target may be the resistance level at 0.8585. Later, the market may test this level, break it, and continue the ascending tendency. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.8465 before resuming the uptrend.

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.