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The correlation between the Euro and commodities

The correlation between the Euro and commodities | 20 Februari 2020

20 Februari 2020, EUR/USD

The correlation between the Euro and commodities

EURUSD trading plan:

A bullish rally in the commodity market will have a positive impact on the value of the Euro. Brent crude futures were up 30 cents, or 0.5%. Conflict in Libya that has led to a blockade of its ports and oilfields shows no signs of a resolution, while U.S. sanctions on a subsidiary of Russian state oil major Rosneft could cut more Venezuelan crude from the market, rekindling global oil supply worries. The futures prices, meanwhile, shot to new all-time peaks as worries about supply tightness in the autocatalyst metal — after a power crisis in major producing country South Africa — sparked long accumulation of investible products tied to the commodity.

Trading recommendation: Buy 1.0782 and take profit 1.0825.

David Johnson
Analyst of «FreshForex» company
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