EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, after completing a quick ascending structure and breaking the descending channel, EURUSD has formed Shooting Star reversal pattern. At the moment, we may assume that the price may reverse and get back into the channel to resume the descending tendency. In this case, the downside target will be at 1.0990. However, one shouldn’t exclude a possibility that the price may continue growing towards 1.1102.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the ascending tendency continues. By now, USDJPY has formed another reversal pattern, Engulfing. Later, the pair may reverse and resume growing towards 109.70 to continue forming the ascending tendency. At the same time, the pair may choose another scenario and start a new decline to reach 108.75 and test the rising channel’s downside border.
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.