Japanese Candlesticks Analysis 20.12.2023 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs US Dollar”
EURUSD has formed an Engulfing reversal pattern near the resistance level on H4. Currently, the instrument is going by the reversal signal in a descending wave. The correction target might be the support at 1.0915. However, the price could rise to 1.1070 and continue the uptrend without testing the support.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY has formed a Shooting Star reversal pattern on H4. Currently, the instrument is going by the reversal signal in a descending wave. The decline target might be 142.20. However, the price could pull back to 144.90 before continuing the downtrend.
EURGBP, “Euro vs Great Britain Pound”
EURGBP has formed a Doji reversal pattern on H4. Currently, the instrument is going by the reversal signal in a descending wave. The decline target might be 0.8590. Upon testing and breaking this level, the price could continue the downtrend. However, the quotes might correct to 0.8650 before declining.
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.