Proceeding from the today’s H4 chart, the pair is still trading between the support level of 186.70 and the resistance level of 187.70 and currently the pair fails again to break the resistance level. If the pair breaks it to take an upward movement, it might continue its bullish trend and we will get a good opportunity to buy again above the resistance level of 187.70 untill the H4 closure above the resistance level of 188.50 as a target level. Then we should wait for breaking this resistance level to continue the upward move and open the way towards the resistance level of 189.30. On the other hand, if the pair fails to break the resistance level of 187.70 and bounces from it, it may take a downward trend, which will enable the support level of 186.70 again. Therefore, we suggest waiting for the next closure before making a decision.
Resistance and support levels: R3 (189.30), R2 (188.50), R1 (187.70), S1 (186.70), S2 (185.80), S3 (185.00).
The material has been provided by InstaForex Company – www.instaforex.com