Japanese Candlesticks Analysis 02.09.2019 (EURUSD, USDJPY)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, after completing Shooting Star pattern, EURUSD has rebounded from the descending channel’s upside border and formed Hammer pattern near the support level. After testing the horizontal level, the price may rebound towards 1.1055 and continue forming the descending channel. However, one shouldn’t exclude a possibility that the price may break the support level and continue falling to reach 1.0959.
USDJPY
As we can see in the H4 chart, after testing the channel’s downside border and forming several reversal patterns, including Hammer, close to the support level, USDJPY has rebounded from it. Right now, it is still trading sideways. Judging by the previous movements, it may be assumed that after finishing the correction the price may reach 106.75 to continue forming the descending channel. However, we shouldn’t ignore a possibility that the instrument may return to the support line at 104.80 and continue trading downwards.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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