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The correlation of the Euro and commodities

The correlation of the Euro and commodities | 26 December 2019

26 December 2019, EUR/USD

EURUSD trading plan:

We are expecting an uptrend to develop today. A bullish rally in the commodity market will have a positive impact on the value of the Euro, as the Euro correlates with gold, silver and oil. Investors are increasing their long positions in the commodities market as the Federal Reserve buys Treasury bills every trading day, which increases the investment attractiveness of commodities. Positive trade negotiations between the United States and China have a positive impact on the value of commodities. The trade relief between the world’s two giants should help oil demand next year and strip off worries regarding a possible supply-demand imbalance expected for the beginning of 2020

Trading recommendation: Buy 1.1080 and take profit 1.1100.

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David Johnson
Analyst of «FreshForex» company
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