Japanese Candlesticks Analysis 13.03.2020 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, the pair continues the correction within the rising tendency. By now, after returning inside the channel, EURUSD has completed several reversal candlestick patterns, such as Hammer. Right now, the pair is reversing. We may assume that later the price may grow to reach 1.1450. However, one shouldn’t exclude a possibility that the price may continue the current pullback 1.1055.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the fundamental background made USDJPY fall. After testing the support level, the price has formed several reversal patterns, including Hammer. Right now, the pair is still reversing. The current situation implies that the price may grow to reach 107.10. At the same time, the pair may choose another scenario, according to which the instrument is expected to continue falling towards 101.20.
EURGBP, “Euro vs. Great Britain Pound”
As we can see in the H4 chart, after updating the highs, EURGBP is testing another resistance level, where it has formed several reversal patterns, such as Shooting Star. Right now, the pair may start reversing. At the moment, we may assume that later the market may form a new pullback towards 0.8778. However, one shouldn’t exclude an opposite scenario, which implies that the instrument may continue the rising tendency with the target at 0.8986 without reversing and correcting.