Title
Potential Bearish Reversal

Type
Bearish Reversal

Preference:
Price has just reacted off the pivot point of 0.6577 which is a pullback resistance that aligns with the 78.6% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 0.6527 which is a pullback support that aligns with the 50.0% Fibonacci retracement level.

Alternative scenario:
If price breaks above the pivot point, it could hit the 1st resistance at 0.6631 which is a pullback resistance that sits above the 127.2% Fibonacci extension level.

To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.