EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, after completing Hammer pattern and rebounding from the descending channel’s downside border, EURUSD has formed several reversal patterns at the horizontal resistance level, including Shooting Star. Later, the price may finish the correction and fall to reach 1.1093, thus continuing forming the descending channel. However, one shouldn’t exclude a possibility that the price may continue growing towards 1.1100.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the pair is moving downwards. USDJPY has formed Shooting Star reversal pattern close to the channel’s upside border. Right now, it is trying to reverse. Judging by the previous movements, it may be assumed that after finishing the correction the price may continue growing to reach 107.77 and then rebound towards 106.12 to continue forming the descending channel.
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.