Overview

Proceeding from the today's H4 chart, the pair takes a slightly upward move after its rebound from the Support level 123.75 yesterday and currently the pair is testing the Resistance level 124.40 trying to break it in order to continue its bullish move. If the pair is able to break this Resistance level and close 4H above, it will be a strong indicator for the bullish movement enabling the Resistance level 125.25 then 125.65.
If the pair manages to close 4H above this Resistance area this will indicate to bullish strength providing new buy-signals.
On the other hand, if the pair doesn't break the Resistance level and bounces from it to reverse its bullish move taking a bearish trend, in this case we should wait breaking the Support level 123.75 to start a bearish signals enabling the Support level 123.00, in case of breaking this level also, this will denote bearish strength providing new sell-signals from this level till 122.45 as a level target. Based on the given H4 chart, we can find that the technical indicators provide bullish signals, but as long as the Resistance level 124.40 is unbroken the downward move is still expected and invalidating the bullish outlook. Therefore we should wait more confirmations before making the decision.

Resistnace and Support levels:

R3(125.65)

R2(125.25)

R1(124.40)

S1(123.75)

S2(123.00)

S3(122.25)

Trading Recommendations 

According to previous analysis, we recommend buying in case of closing 4H above the Resistnace level 124.40 with TP 125.00; SL closing 4 hours below the Resistnace level will be appropriate.