Sell on a level breakthrough of 1.3790 with 1.3638 target. Stop loss = 1.3840.
Reason for the trading strategy
The WTI crude oil prices soared to 31.8 dollars per barrel amid growing geopolitical tensions in the Middle East. The threat of possible Turkish and Saudi Arabian invasion into Syria has led the investors to hedge risks through the purchase of oil futures. Apart from that, oil is growing in price due to the readiness of the UAE to cut oil production to stabilize the situation in the oil market and to decrease the number of oil rigs in the United States. According to Baker Hughes, the latter figure decreased by 28 in the past week.