EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, the descending tendency continues. After forming several reversal patterns, such as Harami, EURUSD is trading close to the channel’s upside border. We may assume that later the price may reverse and then resume falling to reach 1.0970 in order to continue the descending channel. However, one shouldn’t exclude a possibility that the price may continue growing towards 1.1111.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the ascending tendency continues. By now, after testing the channel’s downside border, USDJPY has formed another reversal pattern, Hammer. Later, the pair may reverse and resume growing towards 109.30 to continue forming the ascending tendency. At the same time, the pair may choose another scenario and start a new decline to reach 108.25.
