Japanese Candlesticks Analysis 18.10.2017 (EUR/USD, USD/CAD)
EUR USD, “Euro vs. US Dollar”
At the H4 chart, the EUR/USD formed the descending channel with Hammer, Doji, and Engulfing reversal patterns to define its borders. Alter that, the price was corrected towards the resistance level at 1.1875. At the moment, the instrument is falling and forming Engulfing patterns during pullbacks. The previous trading session closed with another correction with Shooting Star and Engulfing patterns on the top of it. The predicted target is the support level at 1.1689.
USD CAD, “US Dollar vs Canadian Dollar”
At the H4 chart, the USD/CAD pair formed the ascending channel with Hammer, Doji, Engulfing, and Shooting Star reversal patterns at support and resistance levels to define its borders. After falling a little bit, the price moved upwards and tested the resistance level at 1.2586. Later, the pair formed Shooting Star and Engulfing and then resumed falling towards the support level at 1.2442.
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.