Overview
Proceeding from today's H4 chart, the pair is still taking the upward movement after its rebound from the Support level 1.2170 and currently is approaching to the Resistance level 1.2330. If the pair is able to break the Resistance level and close 4H above, we will receive a strong indicator for more bullish move which enables the Resistance level 1.2405. Then we should wait for breaking this Resistance level to continue the bullish signals. In case the pair manages to break this Resistance level 1.2405, we will get more bullish signals till reaching the Resistance level 1.2460.
On the other side, if the pair fails to break the Support level 1.2330 and bounces from it, this will provide a good opportunity for the bearish signals till reaching the Support level 1.2225. Then we should wait for breaking the Support level to continue the bearish signals. Given that the pair manages to break this Support level and closes 4H below, a bullish strength will provide new sell signals and enable the Support level of 1.2170 as a level target. Based on the given H4 chart, the technical indicators provide more bullish signals, but as long as the Resistance level of 1.2330 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(1.2460)
R2(1.2405)
R1(1.2330)
S1(1.2225)
S2(1.2170)
S3(1.2140)
Trading Recommendations
According to previous analysis, we recommend buying after breaking the Resistance level 1.2330 and closing 4H above with TP 1.2400; SL closing 4 hours below the Resistance level will be appropriate.
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