XBRUSD might have a second chance to complete the breakout at the $73.72 level at our 23.6$ Fibonacci retracement. The price is down 4.25% in the last four trading sessions; it broke the before mentioned support level but bounced back above it; now, there could be a new attempt in the following sessions.
The Bollinger bands continue contracting, indicating that volatility could be lower in the short term. The price consolidates around the $74 level while short and long traders fight to move the price in their desired direction.
The relative strength index went all the way down to 51%, which is precisely what the commodity needed to continue its long uptrend. There could still be a more significant loss on the way; however, the general trend continues upwards. Our parabolic SAR indicator suggests that the price will continue to fall in the short term, but this is a lagging indicator.
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