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FxPro Forex Analysis: Brent Crude Oil Wave Analysis – 12 July , 2018

• Brent Crude Oil broke combined support zone
• Likely to fall further

Brent Crude Oil recently broke through the combined support zone lying between the support level 75.00 and the support trendline of the daily up channel from the middle of February.

The breakout of this support zone accelerated the active minor corrective wave (ii), which belongs to the impulse wave 3 from the middle of June.

Brent Crude Oil is likely to fall further and re-test the next support level 72.50 (low of the earlier correction 2 and the target price for the completion of the active wave (ii)).

BCOUSD - Primary Analysis - Jul-12 1717 PM (1 day)

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