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FxPro Forex Analysis: Brent Wave Analysis – June 5, 2018

• Brent Crude Oil broke support zone
• Further losses are likely

Brent Crude Oil continues to fall after the earlier breakout of the support zone lying between the key support level 75.00 (former resistance level from the end of April) and the 61.8% Fibonacci correction of the previous sharp upward impulse from the start of May.

The breakout of the aforementioned support zone is likely to strengthen the bearish pressure on Brent Crude Oil in the coming trading sessions.

If the price closes today below 75.00 – Brent Crude Oil will then, most likely, continue to decline and re-test the nearby support level 72.50 (which stopped the previous minor correction (ii) in May).

BCOUSD - Primary Analysis - Jun-05 1457 PM (1 day)

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