Japanese Candlesticks Analysis 11.11.2020 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the ascending tendency continues. Right now, after forming several reversal patterns, such as Hammer, close to the support area, EURUSD is reversing. The upside target is at 1.1950. After that, the instrument may continue moving upwards. However, an alternative scenario implies that the price may return to 1.1770 before resuming the uptrend.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after skyrocketing and finishing the correction close to the resistance area, USDJPY is expected to continue the ascending tendency. The upside target is the next resistance area at 106.45. Later, the price may break this level and continue moving upwards. At the same time, an opposite scenario says that the price may fall to return to 104.40 before resuming its growth.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, the asset continues moving within the descending channel. Right now, after forming several reversal patterns, such as Hammer, not far from the channel’s downside border, EURGBP may reverse and correct towards the resistance area at 0.8970. However, judging by previous movements, the pair may yet continue falling without reversing and correcting. In this case, the downside target will be the next support area at 0.8840.