Overview
From the today's H4 chart and as it was expected last week, we should wait for breaking the resistance area of 171.50-172.00 before making the decision to continue the bullish move. Today and as shown from the H4 chart, the pair failed to break this resistance area and bounced from it to stabilize below the resistance level of 170.50 since yesterday and reversed its bullish move taking a slightly bearish move near to the support level of 169.75. Currently, it is testing the support level trying to break it through to continue the bearish move. If the pair manages to break this support level and closes below 4H, it would be another good opportunity for more sell signals till reaching the support level of 168.50 as the first target.
Resistance and Support levels: R3 (172.00), R2(171.50), R1(170.50), S1 (169.75), S2 (168.50), S3(167.00).
