EUR/USD went bearish and slumped within an equidistant channel (chart can be viewed bellow) at 1.1102. Further ahead, bullish corrective rebound was expected to occur after bearish run reached strong key-support.

EUR/USD went bearish and slumped within an equidistant channel (chart can be viewed bellow) at 1.1102. Further ahead, bullish corrective rebound was expected to occur after current bearish run reached strong key-support.

US Dollar offered at higher price against a basket of major currencies, while gold, oil and S&P 500 futures went down after leaders of G7 announced draft communiqué from their convention on Shima, Japan. US Dollar index rose 0.1 percent at 95.259 following uphill slump after the last two-month high at 95.661.

On side note, ECB has raised titanic stimulus programs, including interest rate cut and assets purchases, in effort to promote growths and loans so inflation rate can be achieved to targeted regions as inflations become an economic health indicator. However, last inflation in April foreshadowed incoming common goods' price deflation.


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