According to the today's H4 chart, yesterday's closing below the resistance level of 173.30 provided an opportunity to make a bearish move after the price failed to break it through. As shown here, currently the price is trying to continue its bearish move and is approaching the support level of 172.60. In that case, we might get another opportunity for more sell signals which will open the way towards the level of 172.00 as the first target. Then, the price should test the support level to keep its bearish move. But as long as the price stabilizes above the support level of 172.60, it cancels the first scenario.
Resistance and support levels: R3 (174.40), R2(173.80), R1(173.30), S1 (172.60), S2 (172.00), S3(171.50).
The material has been provided by InstaForex Company - www.instaforex.com
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