Japanese Candlestick Analysis 05.07.2022 (EURUSD, USDJPY, EURGBP) :: InvestMacro


Article by RoboForex.com

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 diagram, the origin form a Hammer Reversal pattern near the support area. At the moment, the EURUSD may reverse as another bullish impulse wave. In this case, the bullish target may be at 1.0490. However, an alternative scenario means that the price may fall to 1.0355 and continue to the downside without testing 1.0490.


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

USDJPY, “US Dollar vs Japanese Yen”

As we can see on the four-hour chart, the USDJPY formed several reversal patterns not far from the support area, such as Hammer. At the moment, the asset may reverse as a new ascending impulse wave. In this case, the bullish target may be at 137.60. At the same time, the opposite scenario indicates that the price may correct to reach 135.25 and continue to the upside only after pulling back.

US dollar / Japanese yen
Risk Warning: The result of previous trading operations does not guarantee the same results in the future

EURGBP, “Euro vs. British Pound”


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As we can see in the H4 chart, after several reversal patterns are formed near the support area, such as inverted hammer, EURGBP is reversing in the form of a new ascending impulse wave. In this case, the bullish target might be the 0.8665 resistance level. Later, the market may test this level, break it, and continue moving upwards. However, there may be an alternative scenario, according to which the asset may correct to reach 0.8590 first and then resume the upward trend.

EURGBP

Article by RoboForex.com

attention!
Forecasts presented in this section only reflect the author’s own opinion and should not be considered guidelines for trading. RoboForex LP does not assume any responsibility for the trading results based on the trading recommendations described in these analytical reviews.



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