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Correlation of the euro and the commodity market

Correlation of the euro and the commodity market | 21 May 2020

21 May 2020, EUR/USD

Correlation of the euro and the commodity market

EURUSD trading plan:

We are expecting an uptrend to develop. The bullish rally in the commodity market will have a positive impact on the value of the European currency. The Fed’s April meeting minutes published on Wednesday showed that inflation will be constrained in the near future by weak demand for goods and services and significantly lower oil prices, making sense for the world’s largest economy to hold interest rates at near zero to spur a recovery from Covid-19. The Federal Reserve also pledged to use all monetary tools at its disposal to continue supporting the economy.

Trading recommendation: Buy 1.0960 and take profit 1.1005.

David Johnson
Analyst of «FreshForex» company
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