On the daily chart the pair seems to be poised for further heights. However we expect that oil prices will manage to move above $50, potentially after an extension of the OPEC output cut agreement. Additionally, the 9.25 level has served as resistance twice now.
A downward move is also supported by the weekly chart technical analysis, where we can see 9.267 being a 50% fibo retracement level of a bigger downward move and the pair still being within the downward channel. Based on the two charts w…
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