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Correlation between the euro and oil

Correlation between the euro and oil | 06 January 2021

06 January 2021, EUR/USD

EURUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the euro, as the European currency correlates with BRENT. The Saudis’ surprise offer to cut 1 million barrels a day of their oil output in the next two months after convincing Russia not to raise its own production sent crude prices up 4%.“The cut is the goodwill of the Saudi Crown Prince,” Saudi Energy Minister Abdulaziz bin Salman said. “We will support the market … we are the guardian of this industry,” the minister said, estimating that Saudi oil output will be at 8.125 million barrels per day on Feb 1, ahead of the planned 1.0-million bpd cut. A similar reduction had been planned for March, he added. This is a positive signal for the oil market!

Investment idea: Buy 1.2271 and take profit 1.2331.

David Johnson
Analyst of «FreshForex» company
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