Forex Fundamental Analysis – The upward trend in the oil will support the euro

EURUSD – Up

The upward trend in the oil will support the euro

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.

You may check other analytical reviews on FreshForex website. Source: freshforex.com.