Buy on a level breakthrough of 1.3975 with 1.4100 target. Stop loss = 1.3925.
Reason for the trading strategy
The IEA report, published this week, reflects the agency's doubts in the ability of OPEC and other oil producing countries to reduce quotas in the short term. The International Energy Agency believes that the oil market will continue to be oversaturated until the end of 2016.