Expect a reversal to 1.1108 after previous EUR/USD bullish run at 1.1169. However, according to Elliot Wave theory, rebound may follow to emulate wave 4 (chart can be viewed bellow)

Dear Traders,

Expect a reversal to 1.1108 after previous EUR/USD bullish run at 1.1169. However, according to Elliot Wave theory, rebound may follow to emulate wave 4 (chart can be viewed bellow)

CESifo (Center for Economic Studies) reported better-than-expected general results for Germany yesterday, GfK German Consumer Climate (June) scored 9.8 to expected 9.7, German Business Expectations (May) scored 101.6 to expected 100.8, German Current Assessment (May) scored 114.2 to expected 113.2, German lfo Business Climate Index (May) scored 107.7 to expected 106.8.

On side note, Eurogroup finmins were set to liquidate EUR 10.3b (USD 11.42b) for Greece, following Athens agreement for austerity policy and reforming actions to be taken. Meanwhile, Euro traders were more focused at hints of FEDs interest rate rather than Euro Zone fundamentals.

 

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