Correlation between the European currency and oil | 06 Abril 2022

06 Abril 2022, EUR/USD

EURUSD trading plan:

Oil prices eased in volatile trade on Tuesday, pressured by a rising U.S. dollar and growing worries that new coronavirus cases could slow demand. Demand worries mounted after authorities in top oil importer China extended a lockdown in Shanghai to cover all of the financial center's 26 million people. To calm oil prices, U.S.-allied countries agreed last week to a coordinated oil release from strategic reserves for the second time in a month. The U.S. plan to release 180 million barrels of oil from its Strategic Petroleum Reserve has narrowed the spread between current and later-dated crude futures. This is a negative signal for oil and the European currency, since assets correlate with each other.

Investment idea: sell 1.0915 and take profit 1.0845.

David Johnson
Analyst of «FreshForex» company
¿De acuerdo con la revisión?
Opinión de los comerciantes:
Close
Iniciar sesión
Su navegador no admite cookies. Si la cookie está desactivada en su navegador de Internet, es posible que tenga problemas con la representación del área Personal. Cómo habilitar el soporte para cookies.