Japanese Candlesticks Analysis 07.05.2020 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, after falling towards the support level and forming a Hammer pattern, EURUSD is reversing. We may assume that later the price may rebound towards 1.0920 to continue the ascending tendency. At the same time, there is another scenario, which implies that the price may continue falling to reach 1.0740.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is testing the support level. By now, it has formed several reversal patterns, including Harami. However, the reversal signal seems to be false and the pair may yet resume moving downwards after a slight pullback. In this case, the downside target may be 105.80.
EURGBP, “Euro vs. Great Britain Pound”
As we can see in the H4 chart, after forming another Hammer pattern and rebounding from the support level, EURGBP continues growing. We may assume that later the pair may form one more slight correction and then continue moving towards the resistance level. In this case, the upside target may be at 0.8813. Still, one shouldn’t exclude an opposite scenario, which implies that the instrument may return to the support level; the downside target is at 0.8690.
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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