EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the asset has formed a Hammer reversal pattern close to the support area. At the moment, EURUSD may reverse in the form of a new ascending impulse. In this case, the upside target may be at 1.0490. However, an alternative scenario implies that the price may fall to reach 1.0400 and continue the downtrend without testing 1.0490.
USDJPY, “US Dollar vs Japanese Yen”
As we can see in the H4 chart, USDJPY has formed several reversal patterns not far from the resistance area, such as Doji. At the moment, the asset is reversing in the form of a new descending impulse. In this case, the downside target may be at 135.25. At the same time, an opposite scenario implies that the price may grow to reach 137.50 and continue the uptrend without any pullbacks.
EURGBP, “Euro vs Great Britain Pound”
As we can see in the H4 chart, after forming an Engulfing pattern near the resistance area, EURGBP is reversing in the form of a new descending impulse. In this case, the downside correctional target may be the support level at 0.8580. Later, the market may test this level, rebound from it, and resume moving upwards. Still, there might be an alternative scenario, according to which the asset may grow to reach 0.8660 without any corrections.
Source: Roboforex
