As 4H chart shows, closing below the resistance level of 172.75 gives the price an opportunity for a slightly bearish move again. As it is shown here, currently, the price is trying to continue its bearish move by breaking the support level of 171.50 and closing 4H below. In that case, we may get another opportunity for more sell signals and it opens the way towards 170.50, as first target, and then the price should test the support level of 169.80 to continue its bearish move. But as long as the price stabilizes above the support level of 171.50, it cancels the first scenario.
Resistance and support levels: R3 (174.75) R2 (173.85) R1 (172.75), S1 (171.50), S2 (170.50), S3 (169.80).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
As 4H chart shows, closing below the resistance level of 172.75 gives the price an opportunity for a slightly bearish move again. As it is shown here, currently, the price is trying to continue its bearish move by breaking the support level of 171.50 and closing 4H below. In that case, we may get another opportunity for more sell signals and it opens the way towards 170.50, as first target, and then the price should test the support level of 169.80 to continue its bearish move. But as long as the price stabilizes above the support level of 171.50, it cancels the first scenario.
Resistance and support levels: R3 (174.75) R2 (173.85) R1 (172.75), S1 (171.50), S2 (170.50), S3 (169.80).
The material has been provided by InstaForex Company – www.instaforex.com
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