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Correlation between the European currency and oil

Correlation between the European currency and oil | 12 July 2021

12 July 2021, EUR/USD

Correlation between the European currency and oil

EURUSD trading plan:

The bullish rally in the oil market will have a positive impact on the value of the euro, since assets are correlated with each other. U.S. petroleum inventories have fallen below the pre-pandemic five-year average with consumption accelerating but crude producers slow to respond to rising prices, signaling more supply is needed. Total stocks of crude and refined products outside the strategic petroleum reserve fell by 10 million barrels last week and are now down by 188 million barrels compared with the same point a year ago. Total stocks have fallen in 38 out of the last 52 weeks as OPEC+ and U.S. shale firms limit crude production even as product consumption recovers.

Investment idea: buy 1.1840 and take profit 1.1910.

David Johnson
Analyst of «FreshForex» company
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