Correlation with oil and gold | 09 April 2019

09 April 2019, EUR/USD

Correlation with oil and gold

EURUSD trading plan:

The uptrend in the oil and gold market will have a positive impact on the value of the Euro. The European currency has a direct correlation with commodities. Investors buy oil amid geopolitical tensions in Libya and Venezuela. Oil is trading at the highest level in the last five months. About 40% of North African country's production of about 1 million barrels per day has fallen under the control of Libyan National Army chief Khalifa Haftar. Libyan oil stockpiles likely fell by 830,000 barrels in the week. This is a positive signal for the Euro!

Trading recommendation: Buy 1.1250 and take profit 1.1291.

David Johnson
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .