In the first half of the day the main currency pair of the Forex market may show an increase in quotations against the background of favorable dynamics of the oil market, inasmuch as the bullish rally in the hydrocarbon market historically has a negative influence on the value of the US dollar. OPEC+ countries have maintained quotas for black gold production at the same level of 0.4 million barrels per day, despite a request from the United States to increase production in order to prevent a sharp rise in prices.

The Americans’ request was ignored by their main ally Saudi Arabia, which is apparently not satisfied with the price of oil below $80 per barrel. In the afternoon, the course of trading will be determined by the statistics from the US on business activity in the service sector from ISM, inasmuch as this sector of the economy accounts for about 70% of GDP. It is extremely difficult to predict what data we will receive, so we simply trade upon the publication of the report – an indicator better than the median of forecasts will provide short-term support to the dollar and vice versa.

Trading recommendation: buy 1.1575/1.1550 and take profit 1.1650.