06 January 2021, EUR/USD
EURUSD trading plan:
A bullish rally in the oil market will have a positive impact on the value of the euro, as the European currency correlates with BRENT. The Saudis’ surprise offer to cut 1 million barrels a day of their oil output in the next two months after convincing Russia not to raise its own production sent crude prices up 4%.“The cut is the goodwill of the Saudi Crown Prince,” Saudi Energy Minister Abdulaziz bin Salman said. “We will support the market … we are the guardian of this industry,” the minister said, estimating that Saudi oil output will be at 8.125 million barrels per day on Feb 1, ahead of the planned 1.0-million bpd cut. A similar reduction had been planned for March, he added. This is a positive signal for the oil market!
Investment idea: Buy 1.2271 and take profit 1.2331.
en 
id 
ar 
ru 
vn 
es 
pt 
kz 
ua 
tj 
uz 
az 
ms 