After brief positive sentiment supports to Euro during last week US NFP report, markets rallied back to greenback, turning EUR/USD at its heel to 1.1390 lows. According to Elliot Wave reading, upcoming trend is predicted to be corrective bullish.

Dear Traders,

After brief positive sentiment supporting Euro during US NFP report last week, markets rallied back to greenback, turning EUR/USD at its heel to 1.1390 lows. According to Elliot Wave reading, upcoming trend is predicted to be corrective bullish, forming wave ii (chart can be viewed below) and expected to reverse at key-resistant point FIBO 50.

On March convention, Mario Draghi has stated that ECB won't mark their agenda to intervene with Euro exchange rate any further through conventional monetary easing policy, as ECB deemed it wasn't an effective tool to keep Euro exchange rate at expected level. Most notably, it indicated a psychological shift in ECB's decision making.

On side notes, nineteen minister of Eurogroup would review the possibility of Greece debts easing, where International Monetary Fund (IMF) has compelled several points as key term to renew bailout agreement.

 

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