Overview
As shown on today's 4H chart, this week the pair has closed below the Resistance level of 170.00 and couldn't break it which means the pair will almost 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 Support level of 169.40 and managed to break it through to take a slightly downward move. Currently, the pair is approaching the Support level of 168.60. 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 of 167.40 to continue its bearish scenario, so we can suppose our first target few pips above this level.
Resistance and support levels: R3 (170.60), R2 (170.00), R1 (169.40), S1 (168.60), S2 (167.40), S3 (166.25).
