Title
Pullback Resistance at 50% Fibonacci Retracement

Type
Bearish Reversal

Preference:
Price is rising towards the pivot point of 0.5972 which is a pullback resistance that aligns with the 50.0% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 0.5925 which is an overlap support level.

Alternative scenario:
If price breaks above the pivot point, it could hit the 1st resistance at 0.6013 which is a pullback resistance that sits above the 61.8% Fibonacci retracement 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.