Potential Bearish Reversal off 50% Fibo Resistance

TitlePotential Bearish Reversal off 50% Fibo ResistanceTypeBearish ReversalPreference:Price is trading close to the pivot point of 1.26907 which is an overlap resistance that aligns with the 50.0% Fibonacci retarcement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 1.26412 which is a pullback support level.Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance at 1.27176 which is a pullback resistance that aligns close to 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.