Japanese Candlesticks Analysis 17.08.2017 (GBP/USD, EUR/USD)

GBP USD, “New Zealand Dollar vs US Dollar”

At the H4 chart of GBP USD, the downtrend continues, while the price is forming Engulfing, Hanging Man, Doji, and Shooting Star reversal patterns during pullbacks. Yesterday, the pair failed to break the support level and right now the price is being corrected again and has already formed two more Engulfing patterns. Later in the afternoon, the instrument is expected to try to break the support level at 1.2808 again.

EUR USD, “Euro vs. US Dollar”

At the H4 chart of EUR USD, the price is constantly forming Doji, Shooting Star, Long-Legged Doji, and Engulfing reversal patterns at the tops. Moreover, each successive top of pullback is lower than previous one, which means that the price is resuming the downtrend. By now, the pair has completed another correction from the support level with Long-Legged Doji and Engulfing patterns. The downside target at 1.1627.

RoboForex Analytical Department