A growth can resume.

On the 4-hour chart, the price remains near the level of 33.68 (61.8% correction) and may continue falling along the 61.8% arc towards 33.00 (50% correction), 32.34 (38.2% correction, near a crossover with the descending fan line 61.8%), and possibly 31.50 (23.6% correction). In case of a breakout of the level of 33.68, the pair might grow to the levels of 34.50 and 35.20.

On the daily chart, the price remains near the level of 33.80 (23.6% correction). However, the fall can only continue in the medium-tern after a price consolidation below the level of 33.00. In this case, the pair can fall towards 30.30. In case of a price rebound from the level of 30.80, the growth could continue to the levels of 35.40 and 37.50 (38.2% correction).

Trading tips

Buy the pair from the level of 34.00 with targets at 34.50, 35.20 and stop-loss at 33.60.

Alternative scenario

Sell the pair from the level of 33.00 with targets at 32.34, 31.50, 30.30 and stop-loss at 33.40.

Brent: Fibonacci analysis

Brent: Fibonacci analysis

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