Japanese Candlesticks Analysis 15.05.2020 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, after falling towards the support level and forming another reversal pattern, this time Inverted Hammer, EURUSD is starting to reverse. We may assume that later the price may grow towards 1.0910 to continue the ascending tendency. At the same time, there is another scenario, which implies that the price may continue falling to reach 1.0740.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after reversing and correcting towards the support level, USDJPY has formed an Engulfing pattern and started reversing. The current situation implies that after a slight pullback the asset resume moving upwards. In this case, the upside target may be 108.00.
EURGBP, “Euro vs. Great Britain Pound”
As we can see in the H4 chart, after testing the resistance level and forming a Shooting Star pattern, EURGBP is expected to form a slight correction and resume moving towards the next resistance area. In this case, the upside target may be at 0.8898. Still, one shouldn’t exclude an opposite scenario, which implies that the instrument may return to the support level; the downside target is at 0.8787.