Japanese Candlesticks Analysis 19.11.2020 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the ascending tendency continues. Right now, after finishing the correction and forming several reversal patterns, such as Harami, close to the support area, EURUSD is reversing. The upside target remains at 1.1960. After that, the instrument may continue moving upwards. However, an alternative scenario implies that the price may start a new pullback to return to 1.1800 before resuming the uptrend.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, the asset is back inside the descending channel; at the moment, it is correcting again. By now, USDJPY has formed several reversal patterns, such as Hammer, not far from the support area. Possibly, the asset may reverse and continue the ascending tendency. The upside target is the resistance area at 104.50. At the same time, an opposite scenario says that the price may continue falling towards 103.15 without reversing and reaching the above-mentioned resistance area.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, the asset continues moving within the descending channel. Right now, after forming several reversal patterns, such as Hammer, not far from the horizontal support level, EURGBP may reverse and correct towards the channel’s upside border. In this case, the correctional target may be at 0.9000. However, judging by previous movements, the pair may yet continue falling towards the channel’s downside border without reversing. In this case, the downside target will be at 0.8840.