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Correlation between the euro and oil

Correlation between the euro and oil | 13 January 2021

13 January 2021, EUR/USD

Correlation between the euro and oil

EURUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the euro! Saudi Arabia slashed crude oil supplies to at least nine refiners in Asia and Europe. Saudi Aramco will supply less crude as part of long-term contracts next month, giving some Asian processors as much as 20%-30% less than they had sought, according to company officials who received the notices but asked not to be identified as the information is private. A European refiner that typically buys small volumes from Saudi Arabia will not get any cargoes for February.

Investment idea: Buy 1.2200 and take profit 1.2240.

David Johnson
Analyst of «FreshForex» company
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