EUR USD, “Euro vs. US Dollar”
At the H4 chart, the EUR/USD is still forming the descending channel with Shooting Star, Doji, Harami, and Engulfing reversal patterns at support and resistance levels to define its borders. Right now, the price is being corrected again with Doji and Long-Legged Doji patterns, and has already reached the resistance level at 1.1646. After finishing the correction, the instrument may fall towards the closest target at support level at 1.1552.
USD CAD, “US Dollar vs Canadian Dollar”
At the H4 chart, the USD/CAD pair completed the ascending channel and started the descending one with Engulfing, Hanging Man, Harami, and Doji reversal patterns to define its borders. By now, the price has been corrected towards the support level, stopped there and formed two Hammer patterns. The downside target is at 1.2624.
RoboForex Analytical Department
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.