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Correlation between the Euro and oil

Correlation between the Euro and oil | 24 November 2020

24 November 2020, EUR/USD

Correlation between the Euro and oil

EURUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the European currency. Brent crude prices hit their highest levels since March as news of a third promising coronavirus vaccine candidate spurred hopes of a quicker recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his leadership transition. The Brent crude oil prices hit their highest since March as hopes for a vaccine roll out spur hopes of a recovery in oil demand. This is a positive signal for the European currency, since the Euro and oil are correlated with each other.

Investment idea: Buy 1.1847 and take profit 1.1888.

David Johnson
Analyst of «FreshForex» company
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