Overview
The H4 chart tells that the pair failed to break the Support level of 176.50 to reverse its yesterday's downward trend and start an upward move. Considering the today's H4 chart, the pair has bounced from the Support level and started to take an upward movement approaching the Resistance level of 178.00. Currently, it is preferable 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 179.80, then 180.50 as the second target. But closing below the Resistance level of 178.00 today cancels the bullish move scenario.
Resistance and Support levels: R3 (181.00), R2(180.50), R1(179.80), S1 (178.00), S2 (177.30), S3(176.50).
