Japanese Candlesticks Analysis 21.02.2020 (EURUSD, USDJPY, EURGBP)

21.02.2020

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the descending tendency continues. By now, EURUSD has completed several reversal candlestick patterns, such as Hammer, close to the channel’s downside border. Right now, the pair is expected to complete a Flat pattern and then start reversing. We may assume that later the price may test the resistance level at 1.0900 and then resume its decline to reach 1.0732. However, one shouldn’t exclude a possibility that the price may continue falling without reversing.

EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is no longer moving inside the rising channel. After forming a Hanging Man pattern close to the resistance level, the pair may reverse and reach 111.25. At the same time, the pair may choose another scenario, according to which it is expected to continue growing towards 112.67 without any significant corrections.

USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, after testing the resistance level, EURGBP has formed a Harami reversal pattern there. Right now, we may assume that after reversing the price may return to 0.8300. However, one shouldn’t exclude an opposite scenario, which implies that the instrument may continue growing without reversing and forming any corrections. In this case, the target will be at 0.8435.

EURGBP
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

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.