Japanese Candlesticks Analysis 17.10.2023 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs US Dollar”
EURUSD has formed a Harami reversal pattern near the resistance level on H4. Currently, the instrument is going by the reversal signal in a descending wave. The decline target might be the support level at 1.0465. However, the price could correct to 1.0580 and continue the downtrend after the correction to the resistance level.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY has formed an Inverted Hammer reversal pattern at a pullback on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target could be 150.25. However, the quotes might correct to 149.10 and extend the uptrend without testing the support.
EURGBP, “Euro vs Great Britain Pound”
EURGBP has formed an Inverted Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target could be 0.8685. Upon testing and breaking it, the price might continue the uptrend. However, the quotes could pull back to 0.8630 before rising.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.