Japanese Candlesticks Analysis 18.12.2020 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the correction within the ascending tendency continues. Right now, after forming several reversal patterns, such as Shooting Star, close to the horizontal resistance level, EURUSD may reverse in the form of another correction with the target at 1.2170. After completing the correction, the pair may resume trading upwards. In this case, the upside target may be at 1.2300. Later, the market may continue its growth.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after testing the horizontal support level and forming a Hammer pattern, USDJPY is reversing. The correctional target may be near the descending channel’s upside border. After finishing the correction, the asset may continue trading downwards to reach the support area at 102.90. At the same time, an opposite scenario says that the price may continue growing with the target at 103.85.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, the correction within the ascending tendency continues. Right now, after forming several reversal patterns, such as Hammer, not far from the horizontal support level, EURGBP is reversing and may later continue moving upwards. In this case, the upside target may be at 0.9165. However, judging by previous movements, the pair may yet start another pullback to reach the support area at 0.8975.