US30USD H1 | Bearish reaction off 78.6% fibo?

TitleUS30USD H1 | Bearish reaction off 78.6% fibo?TypeBearish ReversalPreference:Price is approaching our pivot point at 34910.6, which is a swing high resistance, aligning with the 78.6% fibo retracement and 78.6% fibo projection. If price closes below our pivot point, then we can expect price to fall to the 1st support at 34691.1, which is an overlap support and at the 38.2% fibo retracement level.Alternative scenario:If price breaks above the pivot point, then price could rise towards the 1st resistance at 35088.2, which is a multi-swing high resistance 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.