EUR/USD ran corrective bullish around 1.1183 and expected to remain bullish until hitting resistance, which later will move bearish to support level at 1.1169.

Dear Traders,

EUR/USD ran corrective bullish around 1.1183 and expected to remain bullish until hitting resistance, which later will move bearish to support level at 1.1169.

Greenback spotted bearish against a basket of major currencies following retail sales data release last week, which triggered a speculation that US economy outlook wouldn't be strong enough to support short-term FED rate hike by the end of this year. Even though work force was strong on paper this month, suggested by better than expected NFP in July, US Dollar still struggle to rise.

 

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.

EUR/USD