The energy commodity lost more than 14% last week, the pair managed to recover 4% in the two previous sessions, but is still not enough for us to consider a long position.
The Bollinger bands are not very wide, but enough to allow the price to climb in the short term, the price currently trades below the moving averages indicating that the trend is still downwards, if the price goes beyond 3.9 we would start thinking about a long position.
The short and long-term moving averages are about to cross, which would indicate a trend reversal, the price could start rising in the short term, but we would need other technical indicators confirmation in order to place a long position. The relative strength index is at 45% which would allow the pair to start a rally, but as we said, we would need to wait for a stronger confirmation in the next sessions.
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