Japanese Candlesticks Analysis 05.03.2020 (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 complete the correction and move to reach 1.1125. However, one shouldn’t exclude a possibility that the price may form a more significant pullback towards 1.1045.
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 is testing the support level, where it has formed several reversal patterns, including Hammer. 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 106.55 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 several reversal patterns, such as Shooting Star, EURGBP has almost reversed. Right now, we may assume that after reversing the price may continue growing towards 0.8800. However, one shouldn’t exclude an opposite scenario, which implies that the instrument may fall with the target at 0.8555.