EUR/USD remains on bullish trend with slight corrections ranging around 1.1533 due to weakening greenback. Euro scales higher against other major currencies on European trading session last monday, after release of better than expected Euro Zone PMI report.

Dear Traders,

EUR/USD remained on bullish trend with slight corrections ranging around 1.1533 due to weakening greenback. Euro scaled higher against other major currencies on European trading session on Monday, after the release of better than expected Euro Zone PMI report.

Markit Economics reported increased monthly Purchasing Manager Index (PMI) from 51.6 in March to 51.7 one month later. Last week report denoted better economic growth in first quarter and unemployment rate declined to its lowest record since 2011. German Manufacturers PMI rose to 51.8 in April compared to 50.8 in previous month, slightly lower than its flash score at 51.9.

According to those developments, Jeremy Stretch, Canadian Imperial Bank of Commerce chief of foreign exchange in London suggested that Euro Zone sets its footing to be on more reliable progress than its past record.

 

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