Overview
Like we expected yesterday, the pair managed to break the Resistance level 152.50 and continued its upward trend and currently is testing the Resistance level 153.20. If the pair manages to close 4H above the Resistance level, it will continue its bullish movement and we will get a good opportunity to buy again above the Resistance level 153.20 till closing 4H above the Resistance level 154.00 as a level target. Then we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 154.60. On the other hand, if the pair failed to break the Resistance level 153.20 and bounces from it, it may take a downward trend, which will enable the Support level of 151.70. Then we should wait for breaking this Support level in order to get new bearish signals. In case the pair is able to break the Support level and closes 4H below, we will get a bearish strength providing new sell signals which will enable the Support level of 150.20 as a target level. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level 153.20 is unbroken, the downward move is still expected invalidating the bullish outlook. Therefore, we should wait for more confirmations before making the decision.
Resistance and Support levels R3 (154.60) R2 (154.00) R1 (153.20) S1 (151.70) S2 (150.20) S3 (149.50)