Correlation between the Euro and oil

16 September 2020, EUR/USD

EURUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the Euro. API recorded a 9.517 million-barrel draw for the week ending September 11, against forecasts of a 2.04 million-barrel build and the 2.970 million-barrel build reported during the previous week. Hurricane Sally is headed towards the U.S. Gulf Cost but is not expected to make landfall until later in the day. More than 25% of U.S. offshore oil and gas production was shut down on Tuesday, the second disruption since Hurricane Laura passed through the area in late August.

Trading recommendation: Buy 1.1850 and take profit 1.1910.

David Johnson
Analyst of «FreshForex» company
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