Heading into Resistance

Title
Heading into Resistance

Type
Bearish Reversal

Preference:
Price is rising towards the pivot point of 1.08657 which is a multi-swing-high resistance level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 1.07988 which is a multi-swing-low support that aligns close to the 50.0% Fibonacci retracement level.

Alternative scenario:
If price breaks above the pivot point, it could hit the 1st resistance at 1.08978 which is a swing-high resistance that sits above the 127.2% Fibonacci extensioon 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.

Source: Tickmill

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Heading into Resistance

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