Correlation between the Euro and oil | 02 June 2020

EURUSD trading plan:

The bullish rally in the commodity market will have a positive impact on the value of the European currency. Brent prices have doubled over the past six weeks, thanks to supply cuts by the Organization of the Petroleum Exporting Countries and allies, including Russia, dubbed OPEC+. OPEC+ producers are considering extending their production cut of 9.7 million barrels per day, or about 10% of global output, into July or August, at an online meeting on June 4. The onshore oil exploration in the U.S. shrank for the 11th consecutive week to a level not seen since before the shale revolution kicked off more than a decade ago.

Trading recommendation: Buy 1.1120 and take profit 1.1155.