Overview
Proceeding from the today's H4 chart, the pair took a strong bearish movement after its rebound from the Resistance level 153.20 last week, and it was our second scenario in last analysis. Currently the pair is testing the Support level 149.50. If the pair fails to break this Support level and bounces from it, it may continue its bullish trend and reverses its current bearish move and we will get a good opportunity to buy again above the Resistance level 150.60 till closing 4H above the Resistance level 151.70 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 153.20. On the other hand, if the pair failed to break the Resistance level 150.60 and bounces from it, it may take a downward trend, which will enable the Support level of 148.50. 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 147.00 as a target level. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level 150.60 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 (153.20) R2 (151.70) R1 (150.60) S1 (149.50) S2 (148.50) S3 (147.00)
