Correlation between Euro and oil | 02 Julio 2019
02 Julio 2019, EUR/USD
EURUSD trading plan:
The bullish rally in the oil market will have a positive impact on the value of the Euro, as there is a correlation between assets. OPEC+ agreed to extend oil supply cuts until April 2020 as the group's members overcame their differences in order to prop up the price of crude amid a weakening global economy and soaring U.S. production. OPEC+ have been reducing oil output since 2017 to prevent prices from sliding amid soaring production from the United States, which has overtaken Russia and Saudi Arabia to become the world's top producer.
Trading recommendation: Buy 1.1278 and take profit 1.1323.
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.
