Japanese Candlesticks Analysis 21.08.2020 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, the uptrend continues. By now, after forming an Engulfing pattern not far from the support level, EURUSD is reversing. Considering the current bullish dynamics, the price may continue trading upwards to reach the resistance level at 1.1990. At the same time, an alternative scenario implies that the instrument may continue falling to return to 1.1830.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after forming a Hammer pattern and reversing, USDJPY is moving towards the support level. The current situation implies that after rebounding from the level the market may resume trading upwards to reach the resistance area at 106.70. Still, there is an opposite scenario, which says that the instrument may break the support level and continue falling towards 105.15.
EURGBP, “Euro vs. Great Britain Pound”
As we can see in the H4 chart, the pair is once again testing the support level. After finishing several reversal patterns, including Inverted Hammer, EURGBP has started reversing. The upside target is at 0.9040. Later, the price may continue moving upwards. However, there might be another scenario, according to which the asset may fall towards 0.8960 without reversing.
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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