EURUSD – Up
EURUSD trading plan:
The representative of the ECB Villeroy de Galhau reiterated that normalization of the ECB’s monetary policy remained “desirable” despite a downturn in economic growth. He added that the ECB could adapt policy if the slowdown dragged on longer than expected. Interest rates are expected to rise in autumn. This is a good signal for the Euro! The upward trend in the oil market will support the single European currency. The latest weekly U.S. data showed a phenomenal slump in domestic crude inventories that validated OPEC’s production cuts. Crude oil inventories fell by 8.65 million barrels. Saudi Energy Minister Falih said current analysis indicated OPEC+ may need to extend until the end of 2019 its agreement to curb output.
Trading recommendation: Buy 1.1360 and take profit 1.1420.
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