With price approaching the ichimoku cloud resistance and a graphical horizontal resistance, we have a bearish bias that price will drop from our pivot at 1.12973 in line with the 23.6% Fibonacci retracement to 1st support at 1.12335 in line with the 78.6% Fibonacci retracement and horizontal overlap support.

Alternative Scenario:

Alternatively, price may break pivot structure and head for 1st resistance at 1.13385 in line with the 61.8% Fibonacci retracement in line with the horizontal swing high resistance.

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