XBRUSD: The End Of Decline?

XBRUSD, H4

On the H4 timeframe, XBRUSD moves downwards, breaching below 70.90 and currently retesting it, aligned with the 161.8 Fibonacci ratio.

The DeMarker and RSI oscillators are leaving the oversold zone, potentially indicating a bullish momentum for the asset. This setup gives us further scenarios:

If the price rebounds from the 70.90 resistance, it will open the way for a decline to the 63.70 level;
However, a breaching above the 161.8 Fibonacci, will propel the asset back to 75.20 support.

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul

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