FX.co ★ Daily review of EUR/USD. April 21, 2020. The world will have to learn living with cheap oil

Oil costs $ 17 in the US. Brent oil costs $ 20. US oil's June contract fell to $ 12.

Obvious problem: large oversupply of oil in the market - all storage tanks are full.

Production cuts promised by the OPEC + deal should work out gradually - but what about demand?

US will gradually open in May, while Europe in mid-May. However, supply will continue to exceed demand for a long time. Oil quotes will likely be stuck in the range of $ 15-20, at best, up to $ 25.

EUR / USD: Euro is consolidating downwards.

Sell euros from 1.0810 or below 1.0765.