Japanese Candlesticks Analysis 14.05.2021 (EURUSD, USDJPY, EURGBP)

14.05.2021

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the uptrend continues. After testing the support area, the pair has formed several reversal patterns, including Inverted Hammer. At the moment, EURUSD may reverse and start a new growth towards the resistance level. In this case, the upside target may be at 1.2200. However, an alternative scenario implies that the price may correct to reach 1.2065 and then resume growing.

EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed several reversal patterns, such as Shooting Star, not far from the resistance area during the pullback. At the moment, the asset is reversing and correcting. In this case, the correctional target is at 109.10. At the same time, an opposite scenario implies that the price may grow towards 110.00 without testing the support level.

USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, such as Hammer and Inverted Hammer, while trading close to the channel’s downside border, EURGBP may reverse and grow to reach the resistance area. In this case, the upside target may be at 0.8640. Later, the market may rebound from the level and resume falling. Still, there might be an alternative scenario, according to which the asset may fall to reach 0.8565 without reversing and correcting.

EURGBP
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

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.