In the daily chart, divergence on MACD made the asset complete its long-term uptrend, which earlier broke 76.0% fibo and reached 77.47, and start a new decline towards 23.6%, 38.2%, 50.0%, and 61.8% fibo at 62.86, 53.90, 46.60, and 39.40 respectively. However, if Brent resumes growing, it may be heading to break the current high at 77.47 and then reach the long-term one at 87.09.
As we can see in the H1 chart, the asset is correcting after finishing the previous ascending impulse. A divergence made the pair fall and reach 23.6% and 38.2% fibo, while the next downside targets may be 50.0% and 61.8% fibo at 71.00 and 69.46 respectively.
As we can see in the H4 chart, the asset has failed to reach the high 35102.0. Had the high been broken, the price would have reached the post-correctional extension area between 138.2% and 161.8% fibo at 35890.0 and 36378.0 respectively. However, the current situation implies a new descending wave within the mid-term correction. The first downside target may be the support at 33035.0, a breakout of which may lead to a further downtrend towards 23.6% and 38.2% fibo at 32968.5 and 31651.0 respectively.
The H1 chart shows a more detailed structure of the current correction, which, after testing 23.6% fibo, may continue moving towards 38.2%, 50.0%, and 61.8% fibo at 34176.2, 33960.0. and 33740.0 respectively. The local resistance is at 34882.0.