According to today’s 4H chart, yesterday’s breaking of the support level at 171.50 gave the price an opportunity to keep its bearish move after closing below it. As shown here, currently the price is trying to continue its bearish move and is approaching support level of 170.50 to test it. In that case, we may get another opportunity for more sell signals, which will open the way towards the level of 169.75 as the first target. Then the price should test the support level firstly to continue its bearish move. But as long as the price stabilizes above the support level of 170.50, it cancels the first scenario.
Resistance and support levels: R3 (172.75), R2 (172.00), R1 (171.50), S1 (170.50), S2 (169.75), S3 (169.20).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
According to today’s 4H chart, yesterday’s breaking of the support level at 171.50 gave the price an opportunity to keep its bearish move after closing below it. As shown here, currently the price is trying to continue its bearish move and is approaching support level of 170.50 to test it. In that case, we may get another opportunity for more sell signals, which will open the way towards the level of 169.75 as the first target. Then the price should test the support level firstly to continue its bearish move. But as long as the price stabilizes above the support level of 170.50, it cancels the first scenario.
Resistance and support levels: R3 (172.75), R2 (172.00), R1 (171.50), S1 (170.50), S2 (169.75), S3 (169.20).
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: