XBRUSD: Descending Channel

XBRUSD, H4

On the H4, XBRUSD, in a long-term decline, formed a clear descending channel. The price has been consolidating near the support area for some time, with indicators not giving clear signals, indicating mixed sentiment. 

• If the price falls below the support at 82.00, we can expect a further decline to 80.40;

• Otherwise, in case of a rebound, the price may rush up to the trend line at 84.10;

Conclusion

In conclusion, trading CFDs carries inherent risks. Success in this field demands effective risk management. To minimize costly errors and capitalize on trading opportunities, it's crucial to conduct thorough due diligence and manage risks diligently.

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