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Correlation between the Euro and oil

Correlation between the Euro and oil | 18 September 2020

18 September 2020, EUR/USD

Correlation between the Euro and oil

EURUSD trading plan:

The Federal Reserve balance has increased by $ 53.86 billion over the past week. The indicator is now at its highest in the last ten weeks. The growth of the balance is due to the increase in the purchase of treasury and mortgage bonds. The Fed continues to work against the dollar and increases its balance, the market is experiencing a surplus of dollar liquidity. This is a negative signal for the dollar! Additional support for the Euro will be provided by a bullish rally in the oil market. Tropical depression formed in the western part of the Gulf of Mexico and could become a hurricane in the next few days, potentially threatening more U.S. oil facilities.

Trading recommendation: Buy 1.1840 and take profit 1.1900.

David Johnson
Analyst of «FreshForex» company
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