TitleUS30USD H4 | Bearish reversal off 161.8% fibo?TypeBearish ReversalPreference:Price is currently in a bullish momentum, and could potentially rise towards the pivot point at 35079.5, which is an overlap resistance and 161.8% fibo extension. If price reacts bearishly at the pivot point, we can then expect price to fall to the intermediate support level at 34788.1, which is a pullback support level and 23.6% fibo retracement. If price breaks below the intermediate support, then price could fall even further to the 1st support level at 34584.6, which is another pullback support, at the 61.8% fibo projection, and 38.2% fibo retracement.Alternative scenario:If price breaks above the pivot point, then price could rise towards the 1st resistance level at 35331.7, 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.
