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Correlation between the European currency and oil

Correlation between the European currency and oil | 30 July 2021

30 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 European currency, since assets are correlated with each other. Crude inventories fell by 4.1 million barrels in the week to July 23, the U.S. Energy Information Administration said, helped by lower imports and a decline in weekly production. Gasoline stocks also dropped - bringing them largely in line with pre-pandemic levels. Oil prices are up 45% this year, helped by demand recovery and supply curbs by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+. The United States' supply response to higher prices has also been muted so far. Output could take more than four years to reach pre-pandemic levels, oil producer Hess Corp said.

Investment idea: buy 1.1860 and take profit 1.1930.

David Johnson
Analyst of «FreshForex» company
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