EUR/USD was corrective bullish at 1.1221 and according to Elliot Wave theory, predicted to remain bullish to peak at wave 4

EUR/USD was corrective bullish at 1.1221 and according to Elliot Wave theory, predicted to remain bullish to peak at wave 4 (chart can be viewed below).

G7 convention would be under investors' spotlight this week. Meanwhile, US Dollar Index against other major currencies scored highest level since last March. During speech, FED Vice, Stanley Fischer spoke regarding interest rate hike in contrast of what he thought USA had called in for long term, namely faster growth potential. According to FED Fund Futures, investors gave rise to interest rate hike in upcoming June by 30% from previous 16%.

On side note, Euro exchange rate rose against other major currencies in early Europe Session last week due to inclination of risk appetite, fueled by rising oil and metal price.


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