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Correlation between the Euro and oil

Correlation between the Euro and oil | 07 April 2020

07 April 2020, EUR/USD

EURUSD trading plan:

We are expecting an uptrend to develop. The bullish rally in the commodity market will have a positive impact on the value of the European currency. Russian Direct Investment Fund’s chief executive told CNBC overnight that his country and Saudi Arabia are “very, very close” to an agreement to cut production. “I think the whole market understands that this deal is important, and it will bring lots of stability, so much important stability to the market, and we are very close,” Kirill Dmitriev, who heads the Russian sovereign wealth fund, added in his interview. This is a positive signal for the oil market.

Trading recommendation: Buy 1.0815 and take profit 1.0879.

David Johnson
Analyst of «FreshForex» company
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