EUR/USD rallied to 1.1455 (100 points increment) after better than expected economic news release on 29th April

Dear Traders,

EUR/USD rallied to 1.1455 (100 points increment) after better than expected economic news release on 29th April (GDP & unemployment rate). On top of that, US dollar fell to weekly low after release of GDP-Q1 report, leveraging EUR position further. The one thing that Euro might tiptoe around is their CPI (Consumer Price Index) report that is worse by 0.2% compared to last year.

Eurostat reported flat movement of Euro in March, due to declining oil and energy prices of about 8.6% compared to April 2015. Euro Zone GDP rise to 0.6% in first three months of 2016; it is better than previous quarter and better than expected. French and Spain have shown better growth than expected and may rise faster than Great Britain.

 

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