EUR/USD remained bearish at 1.1137 and was expected to rebound on key-support level at 1.1108.

Dear Traders,

EUR/USD remained bearish at 1.1137 and expected to rebound on key-support level at 1.1108.

Weak German ZEW economic sentiment brought down Euro 40 points while greenback amassing strength and gold price floundered. ZEW economic sentiment surveys reported declining optimism of market analysts and institutional investors for six months onward, signaling weakening Germany economic growth compared to their rather surprising development in first quarter 2016.

US Dollar kept rallying for a week following hawkish note of FOMC statement, reinforcing FED's hawkish signal last week regarding interest rate hike in June. The FED raised interest rate for the first time in the last nine years, last December, and may continue to do it twice this year.

 

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