Japanese Candlesticks Analysis 07.11.2019 (EURUSD, USDJPY)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, the ascending channel continues. By now, EURUSD has broken the channel’s downside border. At the moment, the pair is trading close to the horizontal support level and forming reversal patterns, including Harami. We may assume that later the price may reverse to return to the channel’s downside border and then resume growing to reach 1.1170 in order to continue the ascending movement. However, one shouldn’t exclude a possibility that the price may continue falling towards 1.1005.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after completing the correction, USDJPY continues moving upwards and has already formed another reversal pattern, Shooting Star, near the resistance level. Later, the pair may reverse and resume falling towards the channel’s downside border at 108.28 to continue forming the ascending tendency. At the same time, the pair may choose another scenario and start a new growth to reach 109.40.
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