EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the descending tendency continues. Right now, after forming several reversal patterns, such as Engulfing, close to the resistance level, EURUSD is reversing. In this case, the correctional target remains at 1.2020. After that, the pair may rebound from the support level and resume trading upwards to reach the channel’s upside border. However, an alternative scenario implies that the price may start a new growth to reach 1.2175 without testing 1.2020.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after rebounding from the channel’s downside border, completing the correction, and forming a Hammer pattern, the pair is reversing. The upside target is the resistance area at 104.85. After completing another correction, USDJPY may resume trading upwards. At the same time, an opposite scenario implies that the price may continue its decline to return to 103.95 before resuming its ascending movement.

EURGBP, “Euro vs. Great Britain Pound”

НAs we can see in the H4 chart, after forming several reversal patterns, such as Doji, not far from the support level, EURGBP is reversing and may start another pullback. In this case, the correctional target may be the resistance area at 0.8900. However, judging by previous movements, the pair may yet continue its decline to reach 0.8785 without testing the resistance area.