EURUSD dove bearish to 1.1144 and expected to remain bearish until hitting support level at 1.1125 which later will turn bullish corrective to resistance level around 1.1166.

Dear Traders,

EURUSD dove bearish to 1.1144 and expected to remain bearish until hitting support level at 1.1125 which later will turn bullish corrective to resistance level around 1.1166.

Euro dipped again following series of disappointing Euro Zone economic report, even after brief rally after weak US economic reports such as: second quarter GDP, manufacture PMI and personal income.

As a side note, those weak US economic data may reduce chance of FED's rate hike in September if not at all in 2016.


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