EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, after rebounding from the resistance level and forming an Engulfing reversal pattern, EURUSD is reversing. The upside target remains at 1.1458. At the same time, there is another scenario, which implies that the price may fall and return to 1.1260.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after forming a Shooting Star pattern and reversing, USDJPY is expected to continue trading downwards and reach 107.08, where it may form a reversal candlestick pattern. The current situation implies that the market may test the above-mentioned level, the instrument may rebound towards 108.30 and continue the ascending tendency.
EURGBP, “Euro vs. Great Britain Pound”
As we can see in the H4 chart, after testing the rising channel’s downside border one more time and forming a Hammer pattern, EURGBP is reversing. The upside target is at 0.9000. After that, the instrument may resume the ascending tendency. However, there might be another scenario according to which the instrument may continue falling without reversing and correcting. In this case, the downside target may be at 0.8864.
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.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.