Japanese Candlesticks Analysis 06.11.2020 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the ascending tendency continues. Right now, after forming several reversal patterns, such as Hammer, close to the support area, EURUSD has reversed; right now, it is forming another correction not far from the resistance area and may test 1.1770. After completing the pullback, the instrument may resume moving upwards with the target at the next resistance area at 1.1915.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after forming several reversal patterns, such as Hammer, close to the support area, USDJPY may reverse and correct towards 104.40. Later, the price may test the channel’s upside border, rebound from it, and then resume the descending tendency. In this case, the next downside target may be the support area at 103.10.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, the asset continues moving within the descending channel. Right now, after forming a Hammer pattern and reversing, EURGBP may correct towards the resistance area at 0.9060. However, judging by previous movements, the pair may yet continue falling without testing the channel’s upside border. In this case, the downside target will be the next support area at 0.8940.