Japanese Candlesticks Analysis 26.07.2022 (EURUSD, USDJPY, EURGBP)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, after forming a Shooting Star reversal pattern close to the resistance area, the asset is moving sideways. At the moment, EURUSD may reverse in the form of another descending impulse. In this case, the downside target may be at 1.0110. However, an alternative scenario implies that the price may correct to reach 1.0340 and continue the downtrend only after testing the resistance area.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Hammer reversal pattern not far from the support area. At the moment, the asset may reverse and form a new ascending impulse. In this case, the upside target may be at 137.80. At the same time, an opposite scenario implies that the price may correct to reach 135.70 and continue the uptrend only after testing the support area.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming an Engulfing reversal pattern near the resistance area, EURGBP is reversing in the form of a new descending impulse. In this case, the downside target may be the support level at 0.8420. Later, the market may test this level, break it, and continue moving downwards. Still, there might be an alternative scenario, in which the asset may correct to reach 0.8550 before testing 0.8420.

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.