Potential Bearish Breakout | Tickmill

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Title
Potential Bearish Breakout

Type
Bearish Breakout

Preference:
Price could fall towards the pivot point of 0.61667 which is a potential breakout level and could drop lower from here; we could see momentum carry price down to its 1st support at 0.61405 which is an overlap support that aligns with the 50.0% Fibonacci retracement level.

Alternative scenario:
If price reverses from the pivot point, it could hit the 1st resistance at 0.61829 which is an overlap resistance that aligns close to the 38.2% Fibonacci retracement level.

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