Japanese Candlesticks Analysis 04.03.2021 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the correction continues. While testing the support area, the asset has formed several reversal patterns, including Hammer. At the moment, EURUSD is reversing and may later resume growing. In this case, the upside target may be at 1.2145. However, an alternative scenario implies that the price may fall to reach 1.2020 before resuming the ascending tendency.



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 Shooting Star, while testing the resistance level. Judging by the previous movements, one may assume that the asset may reverse and start a new pullback. In this case, the correctional target is the support area at 106.70. After that, the instrument may rebound from this level and resume trading upwards. At the same time, an opposite scenario implies that the price may grow to reach 107.90 without reversing and correcting.

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, the asset continues trading close to the support level. After forming several reversal patterns there, such as Harami, EURGBP may reverse and form a slight pullback. In this case, the ascending target may be the resistance area at 0.8688. Still, there might be an alternative scenario, according to which the asset may continue falling to reach the downside target at the next support level at 0.8540.

EURGBP

Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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Source: RoboForex


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