Japanese Candlesticks Analysis 16.11.2021 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed several reversal patterns, including Hammer, close to the support level. At the moment, EURUSD may reverse and start a new ascending impulse. In this case, the upside target may be at 1.1410. Later, the market may rebound from the resistance area and resume the descending tendency. However, an alternative scenario implies that the price may correct to reach 1.1320 without correcting towards the resistance area.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed several reversal patterns, for example, Harami, while testing the resistance area. At the moment, USDJPY may reverse and start a new wave to the downside. In this case, the target may be at 113.40. At the same time, an opposite scenario implies that the price may grow to reach 114.45 first and then resume trading downwards.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, such as Hammer, near the support level, EURGBP may reverse and start another growth. In this case, the upside target may be at 0.8530. Later, the market may test the resistance area, break it, and continue the ascending tendency. Still, there might be an alternative scenario, according to which the asset may continue falling to reach 0.8450 before resuming its movement to the upside.