Overview

Proceeding from today's H4 chart, the pair takes a slightly upward move after its rebound from the Support level of 125.00 yesterday and currently the pair is testing the Resistance level of 125.30 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 of 125.70.
If the pair manages to close 4H above this Resistance area, this will indicate a 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 for the breaking of the Support level of 125.00 to get bearish signals enabling the Support level of 124.75, in case of breaking this level as well, we recieve a bearish strength providing new sell signals from this level till 124.50 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 125.30 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(126.30)
R2(125.70)
R1(125.30)

S1(125.00)
S2(124.75)
S3(124.50)

Trading Recommendations

According to previous analysis, we recommend buying in case of closing 4H above the Resistnace level 125.30 with TP 125.75; SL closing 4 hours below the Resistnace level will be appropriate.