19 June 2020, EUR/USD
EURUSD trading plan:
Good and bad news for the Euro. The Labor Department reported that U.S. weekly jobless claims were 1.508 million for the week ended Jun. 15. Continuing claims, which show the number of people receiving benefits after an initial week of aid, came in above expectations at 20.54 million in the week ended June 6, down just slightly from 20.6 million a week earlier. This is a positive signal for the U.S. currency. A bullish rally in the oil market will have a positive impact on the value of the euro, as assets correlate with each other. Vitol, the world’s largest independent oil trader, estimated that global oil use is rising by 1.4 million barrels a day every week in June, taking this month’s growth to more than 5.5 million barrels. Trafigura, another prominent name in crude trading, said oil demand was back to 90% of normal levels and that it expected prices to be range-bound at around $40 per barrel.
Trading recommendation: range 1.1200 -1.1260.
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