A bullish rally in the commodity market | 06 May 2020
06 May 2020, EUR/USD
EURUSD trading plan:
A bullish rally in the commodity market will have a positive impact on the value of the European currency. Investors are increasing their long positions in the precious metals and energy markets. Money still continues to flow into gold-backed ETFs, data showing a seventh-straight day of inflows on Monday, equivalent to a net 308,000 ounces, with U.S. funds dominating. Oil is rebounding as more and more U.S. states move to reopen their economies, underpinning demand that had collapsed in March - April under the pressure of mandatory lockdowns.
Trading recommendation: Buy 1.0800 and take profit 1.0855.
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.
