Japanese Candlesticks Analysis 27.11.2020 (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 Doji, close to the support area, EURUSD is reversing and may continue trading upwards. The upside target may be at 1.1985. After that, the instrument may continue its growth. However, an alternative scenario implies that the price may start a new pullback to return to 1.1830 before resuming the uptrend.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after rebounding from the support area and finishing another correction, the asset has formed several reversal patterns, such as Engulfing, not far from the horizontal resistance level. Possibly, the asset may reverse and then continue the descending tendency. The downside target is at 103.20. At the same time, an opposite scenario says that the price may continue growing to return to 104.60 before resuming its decline towards the support 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 0.8965. However, judging by previous movements, the pair may be finishing the correction right now, which may be followed by further decline. In this case, the downside target will be at 0.8840.