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Correlation between oil and the euro

Correlation between oil and the euro | 25 May 2021

25 May 2021, EUR/USD

Correlation between oil and the euro

EURUSD trading plan:

Oil prices rose for a third day on Tuesday, the previous session as investors tempered previous expectations of an early return of oil exporter Iran to international crude markets. Indirect negotiations between the United States and Iran are due to resume in Vienna this week. Talks were given another life after Tehran and the U.N. nuclear agency extended a monitoring agreement on the Middle Eastern country's atomic programme. U.S. Secretary of State Antony Blinken poured cold water over the prospect of a revival, stating that there was no indication that Iran is willing to comply with nuclear commitments. A bullish rally in the oil market will have a positive impact on the value of the euro.

Investment idea: buy 1.2211 and take profit 1.2265.

David Johnson
Analyst of «FreshForex» company
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