US30USD H4 | Bearish reaction off 127.2% fibo?

TitleUS30USD H4 | Bearish reaction off 127.2% fibo?TypeBearish ReversalPreference:Price is hovering below our pivot point at 34880.1, which is an overlap resistance, and at the 127.2% fibo extension. We can expect price to react off bearishly, to our 1st support at 34604.8, which is an overlap support level.Alternative scenario:If price breaks above the pivot point, then price could rise towards the 1st resistance at 35084.2, which is an overlap resistance and at the 161.8% fibo extension.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.