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Correlation between Euro and gold

Correlation between Euro and gold | 25 March 2020

25 March 2020, EUR/USD

Correlation between Euro and gold

EURUSD trading plan:

We are expecting an uptrend to develop. A bullish rally in the precious metals market will have a positive impact on the value of the Euro. Contributing to the precious metal’s best day in over a decade was a U.S. Senate announcement that a deal for a massive stimulus package to tackle the COVID-19 economic downturn was close. Federal Reserve Bank of New York has updated its plans regarding purchases of Treasury securities and agency MBS. Specifically, the Desk plans to conduct operations totaling approximately $75 billion of Treasury securities and approximately $50 billion of agency MBS each business day this week, subject to reasonable prices. This is a positive signal for the Euro!

Trading recommendation: Buy 1.0810 and take profit 1.0887.

David Johnson
Analyst of «FreshForex» company
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