Japanese Candlesticks Analysis 11.02.2021 (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, including Harami, close to the support level, EURUSD may reverse and start a new growth. In this case, the upside target may be at 1.2210. However, an alternative scenario implies that the price may correct to reach 1.2050 before testing 1.2210.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is testing the channel’s downside border; earlier, it formed a Hammer reversal pattern. Judging by the previous movements, one may assume that the asset may reverse and resume trading upwards. In this case, the upside target is the resistance area at 105.55. At the same time, an opposite scenario implies that the price may continue its decline to return to 104.00 before resuming its ascending movement.
EURGBP, “Euro vs. Great Britain Pound”
As we can see in the H4 chart, after forming several reversal patterns, such as Hammer, not far from the support level, EURGBP is reversing and forming another pullback. In this case, the upside target remains at the resistance area at 0.8830. However, judging by previous movements, the pair may yet continue its decline to reach 0.8690 without correcting towards the resistance area.