Overview
Proceeding from the today's H4 chart, the pair takes an upward move and currently is trading between the Support level 141.30 and the Resistance level 142.60. Given that the pair manages to break this Resistance level and closes 4H above, we will get a good opportunity to buy enabling the Resistance level of 143.00 as the target level. Then we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 143.80. On the other hand, if the pair fails to break the Resistance level of 142.60 and bounces from it, it may reverse the bullish move taking a downward move, which will enable the Support level of 141.30. Then we should wait for breaking this Support level in order to get new bearish signals. In case the pair is able to break the Support level and closes 4H below, we will get a bearish strength providing new sell signals which will enable the Support level of 140.10 as a target level. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level of 140.60 is unbroken, the downward move is still expected invalidating the bullish outlook. Therefore, we should wait for more confirmations before making the decision.
Resistance and Support Levels
R3 (143.80) R2 (143.00) R1 (142.60) S1 (141.30) S2 (140.10) S3 (139.00)
Trading Recommendations:
According to the previous analysis, we recommend buying after breaking the Resistance level of 142.60 and closing 4H above with TP 143.10; SL closing 4 hours below the Resistance level will be appropriate.
