EUR/USD were slightly pegged to run on bearish trend around 1.1376 and according to Elliot Waves, expected to correct itself on wave ii

Dear Traders,

EUR/USD were slightly pegged to run on bearish trend around 1.1376 and according to Elliot Waves, expected to correct itself on wave ii (chart can be viewed below).

Euro Zone Finance Ministers convened on Brussels, last Monday, where they reviewed adjusments to Greece macro economy. Convention concluded with a consolidated package of policy, which factored in retirement system, income tax, privatization, public sector salaries and Non Performing Loans.

Following the convention, Dijsselbloem commented that he were expecting prolonged deadline toward Greece debts relief, as he noted several progress of contigency mechanic in which Greece are bound to pass.

These mechanics were intended to enable situational efforts to reach the goal of primary surplus at 3.5%. Greece Finance Ministry, Tsakalotos also attended the convention and conveyed his positive views to reach aggreement on 24th May. He also stated that IMF will likely to support automatic fiscal contigency mechanism.

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