The correlation Euro and BRENT | 28 May 2019

28 May 2019, EUR/USD

The correlation Euro and BRENT

EURUSD trading plan:

The bullish trend in the oil market will have a positive impact on the value of the Euro, as there is a correlation between the instruments. Tension between the United States and Iran, with Washington's announcement that it would deploy more troops to the Middle East, is supporting the market. Iran is increasing its military presence in the Persian Gulf. Investors assess geopolitical risks and buy oil contracts. OPEC will reduce oil production until July 1. This is a positive factor for the oil market! We are expecting the value of the Euro to rise.

Trading recommendation: Buy 1.1176 and take profit 1.1229.

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 .