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Correlation between the euro and oil

Correlation between the euro and oil | 21 December 2020

21 December 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 euro. Printing more money at the expense of inflation has always been a prime ingredient for boosting commodity prices. Bullish rally in the oil market is observed for almost two months now on bets that people across the world might soon be able to travel freely as millions of doses of coronavirus vaccines were being prepared for delivery over the course of the next few weeks, after approval by relevant health authorities.

Investment idea: Buy 1.2190 and take profit 1.2240.

David Johnson
Analyst of «FreshForex» company
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