EURUSD plunged to 1.1001 and expected to remain bearish until hitting support level around 1.0911 (emulating end of wave iii as shown in chart below).

Dear Traders,

EURUSD plunged to 1.1001 and expected to remain bearish until hitting support level around 1.0911 (emulating end of wave iii as shown in chart below).

Investors and traders entered lie in wait mode while ready to snipe at Draghi's cue on further ECB bond purchase. Meanwhile, German ZEW economic sentiment reported a noticeable decline (released at -6.8). Euro Zone Zew economic sentiment also showed similar trend by decrease at -14.7. Both of those economic indicators were sloping down fairly distanced from expectation.

Worthy of note, German ZEW economic sentiment recorded decline in July as first bad apple performance since October 2014. Quite a shock considering a promotion at 19.2 points at previous month (June).


Technical Analysis

Consider looking at this graphic to aid your trading decision this day, this graphic is in h4 resolution with Elliot Wave theory to read the upcoming pattern.

EURUSD