Japanese Candlesticks Analysis 16.04.2020 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, EURUSD is no longer moving inside the rising channel. By now, after forming a Hammer pattern not far from the support level, EURUSD has completed another correction We may assume that later the price may rebound from the support level and then resume the ascending tendency. In this case, the upside target may be at 1.1030. At the same time, there is another scenario, which implies that the price may continue falling to reach 1.0830.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after testing the support level, USDJPY has formed a Long-Legged Doji pattern; right now, it is reversing. The upside target may be at 109.00. however, the current situation implies that the instrument may yet resume falling towards 106.50 but this scenario is rather unlikely.
EURGBP, “Euro vs. Great Britain Pound”
As we can see in the H4 chart, the pair continues moving sideways not far from another support level, where it has formed a Hammer pattern. We may assume that later EURGBP may continue falling to test the next support level at 0.8660n and then rebound from it to start a new ascending tendency. Still, one shouldn’t exclude an opposite scenario, which implies that the instrument may rebound from the current support level and resume growing. In both cases, the upside target will be at 0.9000.