EUR/USD shows corrective bullish performance around 1.1262 with the possiblity of bullish rebound to 1.1427 key-resistance level in sight.

Dear Traders,

EUR/USD shows corrective bullish performance around 1.1262 with the possiblity of bullish rebound to 1.1427 key-resistance level in sight.

Markit's preliminary data revealed that Euzorone's economy was slightly subdued in June. The Composite PMI result, which combined the calculation from manufacturing and service sectors shrinked lower from 53.1 to 52.8 in May, the worst decline since January 2015. According to Thomson Reuters, analysts forecasted the data to remain in 53.1 level. In the meantime, market focus is directed to Brexit for the next 24 hours. The outcome of that referendum is expected to trigger volatility spikes in financial market, especially around European area.

 

Technical Analysis

The following H4 chart portrays one of the possibilities from Elliot Wave to help you make your trading decision today.

EURUSD

Have a good trading... Be happy!