Japanese Candlesticks Analysis 02.03.2020 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, the pair continues growing. By now, EURUSD has completed several reversal candlestick patterns, such as Shooting Star, close to the resistance level. Right now, the pair is reversing. We may assume that later the price may move to reach 1.0985. However, one shouldn’t exclude a possibility that the price may continue growing towards 1.1083 without any significant corrections.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is no longer moving inside the rising channel. By now, the pair has formed a Hammer pattern close to the support level. The current situation implies that the price may reverse and then grow to reach 109.61. At the same time, the pair may choose another scenario, according to which the instrument is expected to continue falling towards 106.72 after a slight correction.
EURGBP, “Euro vs. Great Britain Pound”
As we can see in the H4 chart, after testing the resistance level and forming a Shooting Star reversal pattern there, EURGBP has started to reverse. Right now, we may assume that after reversing the price may for a correction to fall towards 0.8525. However, one shouldn’t exclude an opposite scenario, which implies that the instrument may continue growing without any significant pullbacks. In this case, the upside target will be at 0.8700.