Overview
From the shown H4 chart, the price's closing 4H below the support area which consists of the Support level of 158.20 with the lower boundary of the bullish channel gave a new opportunity for more bearish signals. Currently the price tests the Support level 157.45, but this time out of the bullish channel, that is why closing below this level may give us more sell signals till reaching the support level of 156.75 to test it, so we can consider our first target few pips above this support level, then 156.00 as the second level. But we should wait for breaking 157.45 and closing 4H below before making a decision. But the price's closing above the first support level cancels the bearish move scenario.
Resistance and support levels: R3 (160.40) R2 (160.00) R1(159.00) S1 (158.20) S2 (157.45) S3 (156.75)
