Overview
As shown on the today's H4 chart, this week the pair has opened below the Resistance level 159.00 which means the pair will reverse its bullish move this week, it takes a downward move. Today the pair has already started its downward move after it had hit the Resistance level 160.00 and the upper limit of the bullish channel and bounced from it to take a slightly downward move. Currently the pair is testing the Support level 158.20. Therefore, we should stop selling now till breaking this Support level and closing 4H below. In that case the pair will continue its downward move and open the way towards the next Support level 157.45 to continue its bearish scenario, so we can suppose our first target few pips above this level.
Resistance and support levels: R3 (160.40) R2 (160.00) R1(159.00) S1 (158.20) S2 (157.45) S3 (156.75)
