Brent oil selling to the level of $78 per barrel

US President Donald Trump, who officially took office yesterday, made the expected statements, including on the energy industry.

Trump said he would declare an energy emergency and take steps to boost domestic energy production and reverse Biden-era climate change policies.

The US has the largest oil and gas reserves of any country in the world, and they're going to be used, the new president said.

Many of Trump's initiatives will begin a long process of deregulation, and will affect the entire spectrum of the US energy industry, from oil fields to car dealerships. They also underline a determination to refocus federal policy on oil and gas production, a sharp reversal from the outgoing administration's efforts to curb fossil fuels.

Trump will direct the Interior Department to immediately begin lifting some restrictions, including those on activities in Alaska's National Petroleum Reserve, which holds an estimated 8.7 billion barrels of recoverable oil.

Another initiative is an order reversing Biden's decision to withdraw some 625 million acres of US waters from being available for oil and gas leasing. This has already prompted legal challenges from the American Petroleum Institute, Alaska and several other states. The last time Trump tried a similar move — reversing an Obama-era withdrawal from Arctic waters — it was rebuffed by an Alaska-based federal district court.

In addition, oil and gas industry experts estimate that despite the scale of the initiatives announced, the process of deregulation and new field development could take years or even decades and will have an impact on the global oil market in the very distant future.

At the same time, such initiatives are currently putting pressure on oil prices, including Brent. The level of $78 per barrel that Brent is approaching can be seen as a short-term target.

The overall recommendation is to sell EURUSD.

Profit could be taken at 78.0. A stop loss could be set at 82.5.

The volume of the opened position should be set so that the value of a possible loss, defined with a protective stop order, does not exceed 1% of your deposit.