Rising into Overlap Resistance

TitleRising into Overlap ResistanceTypeBearish ReversalPreference:Price is rising towards the pivot point of 2.08436 which is an overlap resistance that aligns with the 38.2% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 2.07203 which is a pullback support that aligns with the 38.2% Fibonacci retracement level.Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance at 2.09101 which is a pullback resistance that aligns close to the 78.6% 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.

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