EUR/USD was expected to be corrective bullish after bearish response to Euro Zone PMI report.

Dear Traders,

EUR/USD was expected to be corrective bullish after bearish response to Euro Zone PMI report.

Meanwhile, Greece made headlines again, as severe protests against government austerity policy to reform retirement system reached its boiling point. Even though Greece goverment has aggreed upon a reform through parliaments, IMF and German Finmin, Wolfgang Schaeuble insisted on further contigency so that Greece can meet the aggreed treshold.

Chris Williamson, Markit Chief of Economy, noted dissapointing Euro Zone PMI in May might give away signal that economic growth during first quarter wouldn't last. Markit's Euro Zone PMI flash veered to 16-month lows at 52.9 in May, down from 53.0 in April, contrasting Reuters' economist vote poll at 53.2.

 

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