Overview

Like we expected yesterday, as long as the upward trend line is unbroken, the up-movement should be expected. Today the pair takes slightly up move after it has bounced from the uptrend line also the Support level 122.25 and presently it is testing the Resistance level 123.72. If the pair is able to break the Resistance level and close above 4H it will be a good opportunity to buy and open the way towards the 124.35 level, then we should wait for the breaking through the 124.45 Resistance level to provide new buy-signals.
On the other hand, if the pair does not break the Resistance level and reverses its upward move, this will give a strong indicator for bearish movement enabling the Support level 123.00 then the upward trend line, if the pair breaks this Support area and closes below4H, this will point at bearish strength providing new sellers signals enabling 122.25 level.
Proceeding from the today's H4 chart, the technical indicators provide bullish signals, but as long as the Resistance level 123.72 is unbroken, the downward trend is still expected also invalidating the bullish outlook.

Therefore we should wait for more confirnmations before taking the decision.

Resistance and Support levels:

R3(125.25)

R2(124.45)

R1(123.72)

S1(123.00)

S2(122.25)

S3(121.10)

Trading Recommendations 

According to previous analysis, we recommend buying after breaking through the Resistance level 123.73 with TP1 124.24 and TP2 125.05; SL closing 4 hours blow the Support level 122.25.