Japanese Candlesticks Analysis 27.07.2020 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the ascending tendency continues. After forming a Shooting Star pattern not far from the resistance level, EURUSD has started reversing. Considering the current bullish dynamics, the price may form a slight pullback and then resume trading upwards to reach the next resistance level at 1.1795. At the same time, an alternative scenario implies that the instrument may continue falling to return to 1.1450.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after testing the support area and forming a Hammer pattern, USDJPY has started reversing. The current situation implies that after a slight correction the market may resume trading downwards to reach support level at 105.00. Still, there is an opposite scenario, which says that the instrument may grow towards 106.30.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, the pair is moving inside the rising channel again. By now, after finishing an Inverted Hammer pattern, EURGBP is still reversing. The upside target is at 0.9155. Later, the price may continue moving upwards to update the highs. However, there might be another scenario, according to which the asset may fall and return to the support level at 0.9065 before starting a new growth.