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Correlation between the European currency and oil

Correlation between the European currency and oil | 26 October 2022

26 October 2022, EUR/USD

Correlation between the European currency and oil

EURUSD trading plan:

Oil prices edged higher on a lift from a weaker dollar and supply concerns highlighted by Saudi Arabia's energy minister. The U.S. dollar index fell during afternoon trade, making greenback-denominated oil less expensive for other currency holders and helping to push prices higher. Further support came from comments by Saudi Arabia's Energy Mister Prince Abdulaziz bin Salman that energy stockpiles were being used as a mechanism to manipulate markets. "It is my duty to make clear that losing emergency stocks may be painful in the months to come," he told the Future Initiative Investment conference in Riyadh. A bullish rally in the oil market will have a positive impact on the value of the European currency.

Investment idea: buy 0.9975 and take profit 1.0030.

David Johnson
Analyst of «FreshForex» company
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