Overview
In H4 chart, the pair has failed more than once to break the Support area 175.00-174.40 and has been trading above it since yesterday. In today's H4 chart the pair has bounced from the Support area again to continue its upward trend approaching the Resistance level of 176.00 to be tested. Currently, it is prefered to wait for closing above this Resistance level before making the decision and in this case we will get more bullish signals with the first target few pips below the next Resistance level of 176.75 then 178.00 as the second target. But closing below the Resistance level of 170.50 cancels the bullish move scenario.
Resistance and support levels: R3 (178.00), R2 (176.75), R1 (176.00), S1 (175.00), S2 (174.40), S3 (173.70).
