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Correlation between the European currency and oil

Correlation between the European currency and oil | 09 February 2021

09 February 2021, EUR/USD

Correlation between the European currency and oil

EURUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the euro, as the assets are correlated with each other. Brent rose above $60 a barrel for the first time in more than a year in a rally that’s dividing the world’s top oil trading houses. Trafigura Group sees prices moving even higher as refiners increase processing rates to meet rising product demand amid tight physical crude supplies. Global stockpiles in onshore tanks and floating storage are estimated by the International Energy Agency to have shrunk by about 300 million barrels since the OPEC+ made deep reductions in May. The reduced supply and a Covid-19 vaccine-driven demand boost have entrenched the oil futures price curve in a bullish backwardation structure.

Investment idea: Buy 1.2051 and take profit 1.2107.

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David Johnson
Analyst of «FreshForex» company
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