Japanese Candlesticks Analysis 21.02.2020 (EURUSD, USDJPY, EURGBP)

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.

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.

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.