Correlation between gold and the euro | 09 June 2020

09 June 2020, EUR/USD

EURUSD trading plan:

We are expecting an uptrend to develop. The Ifo economic institute said that deutsche manufacturers expect production levels to decline further in the coming three months, but at a slower pace than previously. Ifo said its index for production expectations rose to -20.4 points in May from -51.0 points in April. The fiscal stimulus 130 billion euro package will help economic activity pick up again in the second half of the year. Additional support for the Euro will be provided by gold. The global economic recovery will still require further aid and gold prices should still be supported over the medium-term.

Trading recommendation: Buy 1.1250 and take profit 1.1315.

David Johnson
Analyst of «FreshForex» company
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