Brent futures found support in bullish comments from IEA, but is struggling to take out $37.37 (38.2% of Oct high – Jan low). Supported at $36.80 Prices recovered from the low of $36.80 after the IEA economist said the investment in oil industry could continue to fall in 2016 due to low oil prices. The resulting bullish move pushed futures to a high of $37.37. However, the bullish move is once again failing to take out 38.2% Fibo level, which has acted as a strong resistance since last two sessions. Traders now await the US non-farm payrolls report and Baker Hughes oil rig report in the US. Brent Technical Levels The immediate resistance is seen at 37.37 (38.2% of Oct high-Jan low), above which prices could test 38.04 (Dec 24 high). On the other hand, a break below the immediate support at 36.33 (previous day’s low) could see prices drift lower to 35.71 (Feb 18 high). For more information, read our latest forex news.