Correlation between the Euro and oil | 24 نوفمبر 2020
24 نوفمبر 2020, EUR/USD
EURUSD trading plan:
A bullish rally in the oil market will have a positive impact on the value of the European currency. Brent crude prices hit their highest levels since March as news of a third promising coronavirus vaccine candidate spurred hopes of a quicker recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his leadership transition. The Brent crude oil prices hit their highest since March as hopes for a vaccine roll out spur hopes of a recovery in oil demand. This is a positive signal for the European currency, since the Euro and oil are correlated with each other.
Investment idea: Buy 1.1847 and take profit 1.1888.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
