Japanese Candlesticks Analysis 06.07.2020 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the pair is once again testing the descending channel’s upside border. By now, EURUSD hasn’t formed any reversal patterns. Considering the current bearish dynamics, the price may rebound from the resistance level towards 1.1195 and then resume falling. At the same time, an alternative scenario implies that the instrument may continue growing with the target at 1.1330.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after completing its sideways movement not far from the support area, USDJPY is moving upwards. The current situation implies that the market may finish the correction and then resume the ascending tendency towards 108.08. Still, there is an opposite scenario, which says that the instrument may fall and return to 106.67.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, after testing the support level and forming a group of reversal pattern, including Doji, EURGBP is reversing. The upside target is 0.9120. In the future, the instrument may continue trading upwards to update the highs.