Overview
Proceeding from today's H4 chart, the pair failed to break the Resistance level 144.25 yesterday and has bounced again to trade between the Support level 143.15 and the Resistance level 144.25. If the pair manages to break this Resistance area and closes 4H above this the Resistanace level 144.25, we will get a good opportunity to buy again above the Resistance level till closing 4H above the Resistance level 145.00 as a level target. Then we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 145.80. On the other hand, if the pair fails to break this Resistance level and bounces from it, it may reverse the bullish move taking a downward move, which will enable the Support level of 143.15. 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 142.50 as a target level. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level 144.25 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 (145.80) R2 (145.00) R1 (144.25) S1 (143.15) S2 (142.50) S3 (142.00)
