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Correlation between the European currency and oil

Correlation between the European currency and oil | 06 April 2022

06 April 2022, EUR/USD

EURUSD trading plan:

Oil prices eased in volatile trade on Tuesday, pressured by a rising U.S. dollar and growing worries that new coronavirus cases could slow demand. Demand worries mounted after authorities in top oil importer China extended a lockdown in Shanghai to cover all of the financial center's 26 million people. To calm oil prices, U.S.-allied countries agreed last week to a coordinated oil release from strategic reserves for the second time in a month. The U.S. plan to release 180 million barrels of oil from its Strategic Petroleum Reserve has narrowed the spread between current and later-dated crude futures. This is a negative signal for oil and the European currency, since assets correlate with each other.

Investment idea: sell 1.0915 and take profit 1.0845.

David Johnson
Analyst of «FreshForex» company
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