Japanese Candlesticks Analysis 12.08.2019 (EURUSD, USDJPY)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, EURUSD is still testing the descending channel’s upside border and forming several reversal patterns, including Engulfing and Shooting Star. At the moment, we may assume that after completing its sideways movement the price may reverse and fall towards 1.1111 to continue forming the descending channel. However, one shouldn’t exclude a possibility that the price may break the resistance level and continue growing towards 1.1276.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is testing the channel’s downside border within the descending tendency. By now, the pair has formed several reversal patterns, including Hammer, close to the support level. Judging by the previous movements, it may be assumed that after testing the support line the price may resume trading upwards to reach 107.25. However, we shouldn’t ignore a possibility that the instrument may break the support line, update the low, and continue its decline towards 105.00.
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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