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The bullish rally in the commodity market

The bullish rally in the commodity market | 23 April 2020

23 April 2020, EUR/USD

The bullish rally in the commodity market

EURUSD trading plan:

We are expecting an uptrend to develop. A bullish rally in the commodity market will have a positive impact on the value of the European currency. Oil extended gains amid signs that producers are cutting production to cope with a collapse in demand. In the United States, the world's biggest oil producer, Oklahoma's energy regulator said companies could shut wells without losing their leases, an initial victory for struggling U.S. producers seeking relief from the market crash after a surge in production. The state is the fourth-largest oil producer in the U.S. The Organization of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, are set to cut supply by a record 9.7 million barrels per day from May 1.

Trading recommendation: Buy 1.0810 and take profit 1.0890.

David Johnson
Analyst of «FreshForex» company
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