When oil goes up and euro goes up, it must be the Middle East buying, right.
It makes a certain amount of sense given higher that higher oil prices bring in higher revenues for producers like Saudi Arabia, and that those countries tend to diversify a portion of their reserves into euros…Not sure they do at the very moment the price of the commodityt is rallying, but hey, we’ll go with it anyway….
1.2615/30 remains a zone of congestion on the charts. Stops are above 1.2630. EUR/USD has so far been holding in the upper half of its recent trading range, finding support in the 1.25550s on dips.
