Japanese Candlesticks Analysis 24.02.2021 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the ascending tendency continues. Right now, after testing the resistance area and forming several reversal patterns there, including Harami, EURUSD may reverse and continue the pullback. In this case, the correctional target may be at 1.2095. However, an alternative scenario implies that the price may grow to reach 1.2215 without testing 1.2095.



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 a Harami reversal pattern while testing the support level. Judging by the previous movements, one may assume that the asset may reverse and start a new rising wave. In this case, the upside target is the resistance area at 106.30. After that, the instrument may rebound from this level and start a new correction, which may later be followed by a further uptrend. At the same time, an opposite scenario implies that the price may fall to reach 105.00 before resuming its 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 an Inverted Hammer reversal pattern not far from another support level, EURGBP may reverse and form a slight pullback. In this case, the correctional target is the resistance area at 0.8680. Still, there might be an alternative scenario, according to which the asset may continue falling to reach 0.8520 without correcting towards the resistance level.

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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