Good news and bad news for the euro

11 September 2019, EUR/USD

Good news and bad news for the euro

EURUSD trading plan:

Good news and bad news for the euro. The good news is a bullish rally in the oil market. The good news is a bullish rally in the oil market. The Euro and oil are correlated. API data, which showed that crude inventories fell by 7.2 million barrels in the week ended Sept. 6 to 421.9 million, compared with analysts' expectations of a decrease of 2.7 million barrels. We are expecting the continuation of the bullish rally in BRENT oil and testing the level of 63.00. The bad news for the Euro is a bullish rally in stock markets. The euro is the funding currency in carry trade operations. The growths of stock markets have traditionally negative effects the value of the currency of funding.

Trading recommendation: range 1.0995 -1.1075

David Johnson
Analyst of «FreshForex» company
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