On the H4, with the price crossing the ichimoku cloud and breaking ascending trendline, we can expect the price drop from the 1st resistance at 0.63351, which is in line with the overlap resistance and 23.6% fibonacci retracement to the 1st support at 0.61921, where the swing low is. Alternatively, the price may rise to the 2nd resistance at 0.64252, where the 61.8% fibonacci retracement is.
Reason for Entry: 23.6% fibonacci resistance and overlap support
Take Profit: 0.61921
Reason for Take Profit:
Stop Loss: 0.64252
Reason for Stop Loss:
61.8% fibonacci retracement
The material has been provided by InstaForex Company – www.instaforex.com