Analysis for May 17th, 2016
EUR USD, “Euro vs. US Dollar”
The H4 chart of EUR USD shows the correction, which started after Inverted Hammer pattern. Bearish Three Methods pattern indicated a descending movement. Three Line Break chart shows a bearish direction; Heiken Ashi candlesticks confirm that the ascending correction continues.
The H1 chart of EUR USD shows a sideways correction. Engulfing Bearish pattern indicates a descending movement. Three Line Break chart shows the ascending correction; Heiken Ashi candlesticks confirm a possible bearish pullback towards the downside Window, which provides support.
USD JPY, “US Dollar vs. Japanese Yen”
The H4 chart of USD JPY shows a bullish tendency. The Window in the middle provides support; there are now reversal patterns. Three Line Break chart and Heiken Ashi candlesticks confirm an ascending movement.
RoboForex Analytical Department
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