• Nov 26, 2024
  • Trade ideas

XBRUSD: Crucial Support Zone

XBRUSD, H4

XBRUSDH4.png

XBRUSD navigates within a sideways and sandwiched between 74.70 resistance and 70.70 support.
The MACD histogram crosses the 0-line down and the Alligator’s lips crossed the jaws line downwards, suggesting a decline to the crucial 70.70 support zone.

  • If the price bounces off the 70.70 support, it will trigger a rise to 74.70 resistance.
  • However, breaching below the support zone will continue a decline to 68.50.
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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