Price is holding below the ichimoku cloud resistance close to 1st resistance at 0.69355 which is in line with the 38.2% Fibonacci retracement and may continue with bearish drop from there towards 1st support at 0.68832 in line with 78.6% Fibonacci Retracement and is a graphical support. Otherwise, price may break structure at 1st resistance and head for 2nd resistance at 0.69756.
Reason for Entry:
Horizontal overlap support and 38.2% Fibonacci retracement
Take Profit: 0.68832
Reason for Take Profit:
78.6% Fibonacci Retracement and graphical support
Reason for Stop Loss:
Graphical resistanceThe material has been provided by InstaForex Company - www.instaforex.com