EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, the descending tendency continues. After breaking the channel’s downside border, EURUSD has completed several reversal candlestick patterns, such as Hammer. Right now, the pair may start reversing. We may assume that later the price may test the channel’s downside border and then resume its decline to reach the support level at 1.0849. However, one shouldn’t exclude a possibility that the price may return inside the channel and grow towards 1.0991.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is still moving inside the rising channel. After forming another Hanging Man pattern, the pair is reversing. The current situation implies that the pair may finish the correction and resume growing to reach the resistance level at 110.20. At the same time, the pair may choose another scenario, according to which it is expected to return to 109.00 without testing the resistance level.
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.