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




The material published on this page is produced by LiteForex and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.



Follow us in social networks!
Live Chat
Leave feedback