XBRUSD: Fibonacci Resistance

XBRUSD, H4

On the H4, XBRUSD started to rise after a long-term decline and reached the critical resistance area of 61.8 Fibonacci. Despite the significant rise, the %R indicates a big overbought, so two options are possible.

• If the bulls push the price above 86.00 resistance, the price will rise to 87.10 and then to 87.70;

• A rebound from resistance will drop Brent to support at 84.30;