Japanese Candlesticks Analysis 03.04.2020 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, EURUSD continues forming the rising channel. By now, the pair has formed a Hammer pattern not far from the support level. At the moment, the pair is starting to reverse. We may assume that later the price may grow to reach 1.1030 and continue the ascending tendency. At the same time, there is another scenario, which implies that the price may continue falling towards 1.0757 without reversing and forming any ascending structures.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is still trying to recover after the fall. Right now, the pair is testing the support level, where it has formed several reversal patterns, such as Hammer. Possibly, the price may reverse and reach 110.10. The current situation implies that the instrument may yet resume falling towards 106.60 but this scenario is rather unlikely.
EURGBP, “Euro vs. Great Britain Pound”
As we can see in the H4 chart, after reaching another support level, EURGBP has formed a Hammer reversal pattern there. At the moment, the pair started reversing. We may assume that later the market may rebound towards the descending channel’s upside border. If the channel is broken, the upside target may be at 0.9000. However, one shouldn’t exclude an opposite scenario, which implies that the instrument may continue falling towards the channel’s border without any pullbacks. In this case, the downside target may be at 0.8650.