EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, EURUSD is trading downwards. After testing the channel’s upside border, the pair formed Shooting Star pattern; right now, it is falling towards 1.1128. Possibly, later the price may break this level and continue its decline to reach the next target at 1.1111. At the same time, one shouldn’t exclude a possibility that leads to a new growth towards 1.1215.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is trading upwards. While testing the channel’s downside border, the pair formed Engulfing pattern, which later was followed by several more reversal patterns, thus indicating a strong signal for a rebound from the support level. Right now, it is growing and may reach the next resistance level at 110.23. Later, the price may break it and continue trading towards the channel’s upside border. In case the instrument doesn’t reverse, it may break the support level and continue falling to reach 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.