Overview
From the shown H4 chart, last week the pair failed to break the support area consisting of support level 170.50 to continue its downward trend. From the today's H4 chart the pair bounced from the support area again and started to take an upward move approaching the resistance level of 171.50. Currently, it is better to wait till closing above this resistance level before making the decision. In this case, we will get more bullish signals with the first target few pips below the next resistance level of 172.75 then 173.85 as the second target. But closing below the resistance level of 171.50 cancels the bullish move scenario.
Resistance and support levels: R3 (173.85) R2 (172.75) R1 (171.50), S1 (170.50), S2 (169.80) S3(169.00)
