Overview
Like we expected yesterday, the pair will continue its upward trend as long as it cannot break the upward trend and the Support level 151.70 as well. Currently the pair is trading above the Resistance level 153.20. If the pair continues its upward move and manages to close 4H above it, it may continue its bullish trend and we will get a good opportunity to buy again above the Resistance level 153.20 till closing 4H above the Resistance level 154.00 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 154.60. On the other hand, if the pair fails to break the Resistance level 153.20 and bounces from it, it may take a downward trend which will enable the Support level of 151.70. 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 150.50 as a target level. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level 153.20 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 (154.60) R2 (154.00) R1 (153.20) S1 (151.70) S2 (150.50) S3 (148.50)
