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Sept 03, 2024

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XBRUSD: Triple Bottom

XBRUSD, H4

XBRUSDH4.png

On the H4, XBRUSD formed a triple bottom pattern in a sideways movement. The price fell to the critical support area, testing the lower Bollinger line, which makes two options possible:

  • If Brent falls below the 75.40 support, the target will be last year's low of 73.30;
  • A rebound from support will bring XBRUSD back to resistance at 77.50 and then 79.50;

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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Egor Schmidt

Author: Egor Schmidt

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