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Correlation between EURUSD and BRENT

Correlation between EURUSD and BRENT | 02 September 2021

02 September 2021, EUR/USD

Correlation between EURUSD and BRENT

EURUSD trading plan:

A 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. Over 1.4 million barrels per day of oil and 1.88 billion cubic feet per day of gas production remained shutting on Wednesday in the U.S. Gulf of Mexico after Hurricane Ida lashed Louisiana's coast, the Bureau of Safety and Environmental Enforcement said. OPEC+ expects the oil market to be in deficit at least until the end of 2021 and stocks to stay relatively low until May 2022. OPEC+ has fulfilled a goal of removing excess oil from the global market.

Investment idea: buy 1.1833 and take profit 1.1884.

David Johnson
Analyst of «FreshForex» company
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