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Japanese Candlesticks Analysis 04.05.2016 (EUR/USD, USD/JPY)

Analysis for May 4th, 2016

EUR USD, “Euro vs. US Dollar”

At the H4 chart of EUR USD, bearish Harami and Three Black Crows patterns indicate a descending correction. Three Line Break chart shows a bullish direction; Heiken Ashi candlesticks conform that the correction continues.

At the H1 chart of EUR USD, bearish Doji and Three Black Crows patterns indicated that the descending correction continued. The upside Window provides support. Three Line Break chart confirms the descending correction; Heiken Ashi candlesticks show a possible bullish pullback.

USD JPY, “US Dollar vs. Japanese Yen”

The H4 chart of USD JPY shows a correction within the downtrend. Engulfing Bullish and Three White Soldiers patterns indicated an ascending movement. The downside Window may provide support. Three Line Break chart and Heiken Ashi candlesticks confirm a bullish direction.

RoboForex Analytical Department

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