Japanese Candlesticks Analysis 26.02.2020 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the descending tendency continues. By now, EURUSD has completed several reversal candlestick patterns, such as Hammer, close to the channel’s downside border. Right now, the pair is still reversing. We may assume that later the price may finish another slight correction and then move to reach 1.0920. However, one shouldn’t exclude a possibility that the price may continue falling towards 1.0785.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is moving inside the rising channel again. By now, the pair has formed a Hammer pattern close to the support level. The current situation implies that the price may reverse and then grow to reach 111.55. At the same time, the pair may choose another scenario, according to which it is expected to continue falling towards 109.77 after a slight correction.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, after testing the resistance level and forming a Harami reversal pattern there, EURGBP has rebounded from the above-mentioned level. Right now, we may assume that after reversing the price may return to 0.8300. However, one shouldn’t exclude an opposite scenario, which implies that the instrument may continue growing without testing the support level. In this case, the target will be at 0.8400.