Japanese Candlesticks Analysis 27.07.2021 (EURUSD, USDJPY, EURGBP)

27.07.2021

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset is still testing the resistance area, where it has formed several reversal patterns, including Harami. At the moment, EURUSD may reverse and start a new decline. In this case, the downside target may be at 1.1717. Later, the market may break the support level and continue trading downwards. However, an alternative scenario implies that the price may correct to reach 1.1850 first and then resume its decline.

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 Hammer and Inverted Hammer, not far from the support area. At the moment, USDJPY is reversing and may start a new rising movement towards the resistance level after finishing a slight correction. In this case, the upside target may be at 110.75. At the same time, an opposite scenario implies that the price may form a deeper pullback towards 109.75 before resuming the ascending tendency.

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 a Hammer reversal pattern near the support area, EURGBP may reverse and start a new pullback. In this case, the upside target may be at 0.8570. Later, the market may rebound from the resistance level and resume its descending tendency. Still, there might be an alternative scenario, according to which the asset may continue falling towards 0.8500 without any corrections towards the resistance level.

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.