03 2月 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 assets are correlated with each other. The market was buoyed by the latest assessment by the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, that oil stockpiles will decline to below a five-year average by June. That showed the producers' output cuts were succeeding in bringing the market back into balance. OPEC+ expects output cuts will keep the market in deficit throughout this year, peaking at 2 million barrels per day in May.
Investment idea: Buy 1.2035 and take profit 1.2130.
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