According to the today’s H4 chart, yesterday’s closing below the resistance level of 171.50 provided an opportunity to make a bearish move after the price has failed to break it through. As shown here, currently the price is trying to continue its bearish move and is approaching support level of 168.50. In that case we may get another opportunity for more sell signals which will open the way towards the level of 167.50 as the first target. Then the price should test the support level to continue its bearish move. But as long as the price stabilizes above the support level of 168.50, it cancels the first scenario.
Resistance and Support levels: R3 (170.75), R2(170.00), R1(169.50), S1 (168.50), S2 (167.75), S3(167.10).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
According to the today’s H4 chart, yesterday’s closing below the resistance level of 171.50 provided an opportunity to make a bearish move after the price has failed to break it through. As shown here, currently the price is trying to continue its bearish move and is approaching support level of 168.50. In that case we may get another opportunity for more sell signals which will open the way towards the level of 167.50 as the first target. Then the price should test the support level to continue its bearish move. But as long as the price stabilizes above the support level of 168.50, it cancels the first scenario.
Resistance and Support levels: R3 (170.75), R2(170.00), R1(169.50), S1 (168.50), S2 (167.75), S3(167.10).
The material has been provided by InstaForex Company – www.instaforex.com
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