Japanese Candlesticks Analysis 21.02.2024 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs US Dollar”
EURUSD has formed a Shooting Star reversal pattern near the resistance level on H4. Currently, the instrument might go by the reversal signal in a descending wave. The decline target could be the support at 1.0770. However, the quotes might correct to 1.0870 and extend the downtrend after the test of the resistance.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY has formed a Hammer reversal pattern on H4. Currently, the instrument might go by the reversal signal in an ascending wave. The growth target could be 151.00. However, the price might correct to 149.50 and extend the uptrend upon pulling back to the support.
EURGBP, “Euro vs Great Britain Pound”
EURGBP has formed a Shooting Star reversal pattern on H4. Currently, the instrument is going by the reversal signal in a descending wave. The correction target could be 0.8550. Upon testing this level and rebounding from it, the price might have a chance to continue the uptrend. However, the quotes could rise to 0.8575 without testing the support.
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.