Correlation between gold and the Euro | 05 Agosto 2020

EURUSD trading plan:

The bullish rally in the gold market will have a positive impact on the value of the European currency. The price of gold continues to be supported by ongoing weakness in the dollar as well as light-at-the-end-of-the-tunnel of negotiations for a new COVID-related aid package in the U.S. The negotiations in the U.S. for a new aid package appear to be moving forward. A meeting between Democratic leaders and the White House on Tuesday ended on a positive note. Senate Majority Leader Mitch McConnell also said that he is prepared to support a deal even if he does not agree with parts of it.

Trading recommendation: Buy 1.1800 and take profit 1.1846.