On the H4, current price is moving below the ichimoku cloud suggesting a continuation of its bearish movement. Price may possibly head back to 1st resistance at 1.25798 in line with the 38.2% Fibonacci retracement and at the trend line resistance area before dropping lower to 1st support at 1.24938 which is a horizontal swing low. Otherwise, if price does not do the retest at 1st resistance and it is likely to just continue to drop to 1st support.
Reason for Entry:
Horizontal overlap support and 38.2% Fibonacci retracement
Take Profit: 1.24938
Reason for Take Profit:
61.8% Fibonacci projection and Graphical support
Reason for Stop Loss:
38.2% Fibonacci retracement, 78.6% Fibonacci retracement and Graphical resistanceThe material has been provided by InstaForex Company - www.instaforex.com