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The bullish rally in the commodity market

The bullish rally in the commodity market | 15 July 2020

15 July 2020, EUR/USD

The bullish rally in the commodity market

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 Euro. Oil prices rose following a sharp drop in U.S. crude inventories, with the market waiting for next steps from a meeting later in the day on the future level of output cuts by OPEC and its allies. Key members of OPEC and allies including Russia, collectively known as OPEC+, are set to decide whether to extend output cuts of 9.7 million barrels per day that end in July or ease them to 7.7 million bpd. In June, OPEC and its allies delivered compliance of 107% with their agreed oil output cuts, an OPEC+ source said.

Trading recommendation: Buy 1.1390 and take profit 1.1435.

David Johnson
Analyst of «FreshForex» company
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