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Correlation between the European currency and oil

Correlation between the European currency and oil | 25 August 2021

25 August 2021, EUR/USD

Correlation between the European currency and oil

EURUSD trading plan:

The bullish rally in the oil market will have a positive impact on the value of the European currency, since assets are correlated with each other. Oil prices rose, supported after Mexico suffered a large production outage due to a fire on an oil platform and also by full U.S. regulatory approval of vaccines for COVID-19. Oil prices rose, supported after Mexico suffered a large production outage due to a fire on an oil platform. Five workers died and the fire halted 421,000 barrels per day of production. The market braces for a disruption of supplies from Mexico. China's apparent success in fighting the Delta variant of the coronavirus also boosted demand sentiment, with no cases of locally transmitted infections in the latest data.

Investment idea: buy 1.1725 and take profit 1.1788.

David Johnson
Analyst of «FreshForex» company
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