EUR/USD were still pegged on bearish trend to 1.1223 and is predicted to stay under bearish tone to nearest key-support

Dear Traders,

EUR/USD were still pegged on bearish trend to 1.1223 and predicted to stay under bearish tone to nearest key-support which later, according to Elliot Wave theory (chart can be viewed below), is about to move to corrective bullish to wave-4

Euro Zone's CPI scored a decline at 0.2 percent, while core CPI increased by 0.7 percent, both as predicted by analyst. On a note, CPI in last April marked a second decline as compared to last three months report, core CPI rose to 0.7 percent, noticeably lower than it's previous record at 1.0 percent.

Meanwhile, better-than-expected US economic growth report -especially on inflations- FED Fund futures suggested bolder chance of interest rate hike: 17% (raised by 4%) in June, 37% in July, 52% in September, and 73% in December. Despite increased expectation of FED interest rate hike, US dollar index only rose about 3% from May lowest.


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