The price is undergoing a correction.

During the last four trading days oil rallied and gained +6.5% and at the moment the price of Brent is fixed above the mark $65 per barrel, which is a two-year high.

On the background of these events, we can expect a further advance of the black gold’ price warmed up by speculators and a slight decline of our currency pair. However, it is unlikely the price of oil to be able to gain a foothold above this mark for a long time to and is likely to return closer to the level of $63 per barrel.

Therefore, having considered our chart, we can see the correction price of the pair and look for points to enter long positions.

At the moment, our pair is near the resistance level of 1.2820 and we expect it to break up to the level of about 1.2800, or the 38.2 Fib level where we would seek entry points.

Furthermore, today it is worth paying attention to the output data from the United States, since output may increase the volatility of the pair and the price can overcome the resistance levels.