A fall is likely to continue.

On the 4-hou chart, the price is in the area of the level of 30.72 (61.8% correction) which is seen as the key one. In case of its breakdown, the price continues falling to 29.45 and 28.25. Alternatively, if the price reaches the level of 31.69 (50.0% correction), it would continue growing to 32.68 (38.2% correction) and 33.89 (strong level where the 23.6% corrections for the short-term and medium-term trends have concentrated).

On the daily chart, the price rebounded down from the 38.2% fan line and is heading towards January lows, to 27.80. An upward trend would resume after breakout of the level of 31.69. In this case, the target would be the level of 33.81 (23.6% correction) in the area of the crossover with the 38.2% fan line.

Trading tips

Sell the pair from the level of 30.30 with targets at 29.45, 28.25 and stop-loss at 30.80.

Alternative scenario

Buy the pair after the consolidation above the level of 31.69 with targets at 32.68, 33.89 and stop-loss at 31.10.

Brent: Fibonacci analysis

Brent: Fibonacci analysis

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