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Japanese Candlesticks Analysis 12.08.2019 (EURUSD, USDJPY)

12 august 2019 - Fx4News

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, EURUSD is still testing the descending channel’s upside border and forming several reversal patterns, including Engulfing and Shooting Star. At the moment, we may assume that after completing its sideways movement the price may reverse and fall towards 1.1111 to continue forming the descending channel. However, one shouldn’t exclude a possibility that the price may break the resistance level and continue growing towards 1.1276.

EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is testing the channel’s downside border within the descending tendency. By now, the pair has formed several reversal patterns, including Hammer, close to the support level. Judging by the previous movements, it may be assumed that after testing the support line the price may resume trading upwards to reach 107.25. However, we shouldn’t ignore a possibility that the instrument may break the support line, update the low, and continue its decline towards 105.00.

USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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