Overview
Proceeding from today's H4 chart, the pair takes an upward move after its rebound from the Support level 123.15 and presently the pair is trying to break the Resistance level 123.75 to continue its bullish view. Given that the pair continues its bullish move and manages to break this Resistance level and closes 4H above, we will be able to get a strong indicator for more bullish signals which enable the Resistance level 124.20. Then we should wait for breaking this Resistance level to continue the upward move till reaching the Resistance level 124.75.
On the other hand, if the pair fails to break the Resistance level 123.75 and bounces from it, this will provide a good opportunity for the bearish-signals after closing 4 hours below the Support level 123.15 with TP 122.75, then we should wait for testing the Support level 122.60 and closing 4H below to give us more bearish signals which enable the Support level 122.00 as a level target. In this case it will denote a bearish strength providing new sell signals. Based on the given H4 chart, the technical indicators provide bullish signals, but as long as the Resistance level 123.75 is unbroken, the downward move is still expected invalidating the bullish outlook.
Resistance and Support Levels
R3(124.75)
R2(124.40)
R1(123.75)
S1(123.15)
S2(122.60)
S3(122.00)
Trading Recommendations
According to previous analysis, we recommend buying after breaking the Resistance level 123.75 and closing 4H above with TP1 124.05 and TP2 124.55; SL closing 4 hours below the Resistance level will be appropriate.