Japanese Candlesticks Analysis 05.06.2020 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, after growing towards another resistance level and forming a Shooting Star reversal pattern, EURUSD is expected to reverse and form a slight correction. The downside target is at 1.1282. We may assume that after completing the pullback the price may continue growing towards 1.1458.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, growing and reaching the resistance level, USDJPY has formed a Shooting Star reversal pattern. The current situation implies that the market may correct for a while, break the resistance level, and continue moving upwards. In this case, the upside target may be at 109.75.
EURGBP, “Euro vs. Great Britain Pound”
As we can see in the H4 chart, after testing the resistance level one more time and forming a Hanging Man pattern, EURGBP is reversing. The downside target is at 0.8900. After that, the instrument may resume the ascending tendency. However, there might be another scenario according to which the instrument may continue growing without reversing and correcting. In this case, the upside target may be at 0.9080.
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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