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 area. At the moment, EURUSD is reversing in the form of a new correctional impulse. In this case, the upside correctional target may be at 1.0895. However, an alternative scenario implies that the price may fall to reach 1.0765 and continue the descending tendency without any corrections towards the resistance level.
USDJPY, “US Dollar vs Japanese Yen”
As we can see in the H4 chart, USDJPY has formed an Engulfing pattern not far from the resistance level. At the moment, the asset is reversing in the form of a new correctional impulse. In this case, the downside correctional target may be at 127.25. At the same time, an opposite scenario implies that the price may grow to reach 130.00 and continue the uptrend without any pullbacks.
Free Reports:
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.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
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 ascending wave. In this case, the upside target may be at 0.8325. Later, the market may test the resistance level, rebound from it, and resume the descending impulse. Still, there might be an alternative scenario, according to which the asset may fall to reach 0.8260 and continue the downtrend without testing the resistance level.
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.
- Stoxx Europe 600: What Signs of Investor Exuberance Keep Telling Us May 17, 2024
- Natural gas prices rose to a 4-month high. China released mixed data May 17, 2024
- S&P 500 index hits record high amidst lower inflation May 17, 2024
- Stock indices have hit all-time highs. The Australian labor market is starting to cool down May 16, 2024
- Target Thursdays: USDInd, Soybean & EU50 hit targets! May 16, 2024
- JPY has sharply strengthened May 16, 2024
- PBoC kept the interest rate unchanged. The US stock indices rise despite rising manufacturing inflation May 15, 2024
- Meme-stock mania: Will GameStop, AMC stocks surge even higher? May 15, 2024
- Euro climbs to five-week high ahead of US CPI data May 15, 2024
- Australia will release its annual budget today. Rising inflation expectations hurt US stock indices May 14, 2024