On H4 the pair has broken through the lower border of the ascending channel. During the current test of the support level the instrument has formed a reverse Hammer. In the present trading situation it may be supposed that, in case the signal for a reverse pattern is realized, the price may bounce and head for 1.1320; at the same time, a breakthrough of the support level and a drop to 1.1160 should not be excluded.
On H4 the instrument has formed a Harami near the resistance line inside the descending trend. Currently, after the signal for the reverse pattern started realizing, we are watching a correction and forming of a Shooting star. If we compare it with the previous movements, we may suppose that upon completion of the pullback the price may decline to 107.20. However, a reverse scenario should not be excluded: the instrument may break the resistance line, renew the maximums and grow to 109.10.
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.