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Correlation between the Euro and oil

Correlation between the Euro and oil | 25 November 2020

25 November 2020, EUR/USD

EURUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the Euro, as assets are correlated with each other. The major factor has been growing optimism that vaccines to treat Covid-19 will be available soon, with AstraZeneca reporting positive results for its candidate. Pfizer and BioNTech have already filed for emergency use authorization for their drug, while Moderna said last week it expects to submit its filing in the coming weeks after establishing its drug's effectiveness. Anticipation of a COVID-19 vaccination program hitting the ground in December is continuing to push oil higher as markets look to future hikes in demand. Oil futures are now at heights not seen since the onset of the coronavirus pandemic in March.

Investment idea: Buy 1.1900 and take profit 1.1937.

David Johnson
Analyst of «FreshForex» company
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