Preference: Sell position is envisaged if price trades below 1.11170 with take profit at 1.10818.
Alternative scenario: Buy position is envisaged if price trades above 1.11531 with take profit at 1.11794
ISM Manufacturing PMI 3:00 pm USD
Comment: Technically this instrument in on a resistance on the H1, H4, and the D1. on lower time frames the instruments are very strong resistance, a sell would look proper. But investors would look at the manufacturing PMI looking for signs of economic improvement.
Preference: Buy position is envisaged if price trades above 38.05 with take profit at 38.78.
Alternative scenario: Sell position is envisaged if price trades below 37.26 with take profit at 36.64.
Comment: Today we see an increase in the price of oil and we can attribute that to the news that came out on the weekend that the OPEC + are looking to extend the production cut for 1-2 month. This is a good sign for oil as we can see that current improvement in Oil prices can be attributed to these supply cuts, so we should expect Oil prices to rise to higher level within the week.
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