EUR/USD briefly rallied to 1.1200 after dominating bearish trend due to strong Greenback exchange rate and weak inflation data of Euro Zone.

Dear Traders,

EUR/USD briefly rallied to 1.1200 after dominating bearish trend due to strong Greenback exchange rate and weak inflation data of Euro Zone.

Negative score of Euro Zone inflation data as expected in April subsequently brought down Euro. Eurostat latest data reported 2% decline in consumer price index (CPI) compared to previous year (yoy), after rather flat change in march. In monthly basis (MoM), CPI didn't budge. Core CPI (excluding food, energy, alcohol and tobacco price change) declined from 1% to 0.7% as predicted.

 

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