Japanese Candlesticks Analysis 20.05.2020 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, after growing towards the resistance level and forming a Shooting Star pattern, EURUSD has almost reversed. We may assume that later the price may continue growing towards 1.1005 to continue the ascending tendency. At the same time, there is another scenario, which implies that the price may fall to return to 1.0824.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the pair is testing the resistance level. After forming a Shooting Star pattern, USDJPY is starting to reverse. The current situation implies that after a slight pullback the asset resume moving upwards. In this case, the upside target may be 108.40.
EURGBP, “Euro vs. Great Britain Pound”
As we can see in the H4 chart, after testing the resistance level and forming a Harami pattern, EURGBP is expected to reverse and continue moving towards the next resistance area. In this case, the upside target may be at 0.8980. Still, one shouldn’t exclude an opposite scenario, which implies that the instrument may return to the support level; the downside target is at 0.8856.