Overview
Proceeding from the today's H4 chart, the pair is still trading between the Support level 159.00 and the Resistance level 160.00 and currently the pair is testing the Support area consisting of the Support level with the lower boundary of the bullish channel. If the pair bounces from it to take an upward movement, it may continue its bullish trend and we will get a good opportunity to buy again above the Resistance level 161.00 till closing 4H above the Resistance level 161.35 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 162.00. On the other hand, if the pair failed to break the Resistance level 161.00 and bounces from it, it may take a downward trend, which will enable the Support level of 158.20 again.
Resistance and support levels: R3 (162.00) R2 (161.35) R1(161.00) S1 (159.00) S2 (158.20) S3 (157.45)
