Overview
In H4 chart, the pair failed more than once to break the Support level of 157.45 and it has been trading above its since yesterday. In today's H4 chart the pair bounced from the Support area again and started to take a slightly upward move approaching the Resistance level of 158.20 keeping its move inside the bullish channel. Currently, it is prefered to wait till closing above this Resistance level before making a decision and in this case we will get more bullish signals with the first target few pips below the next Resistance level of 159.00, then 159.45 as the second target. But closing below the Resistance level of 158.20 cancels the bullish move scenario.
Resistance and support levels: R3 (159.45), R2 (159.00), R1 (158.20), S1 (157.45), S2 (156.70), S3 (156.00).
