Japanese Candlesticks Analysis 31.05.2019 (EURUSD, USDJPY)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, EURUSD is trading downwards; right now. It is testing the support level. By now, the price has completed Hammer and Doji reversal pattern, which may result in a rebound from the support level. In this case, the pair may reverse and grow towards 1.1178. However, one shouldn’t exclude a possibility that the price may break this level and continue its decline to reach 1.1100.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is trading downwards. While testing the resistance level, the pair formed Shooting Start pattern, which resulted in a new decline. By now, the pair has already reached the channel’s downside border and may form several reversal patterns there. If it happens, the instrument may rebound from the support level again and return to 109.74. However, if the price breaks the border, it may continue falling to reach 108.55.
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.