After riding high on the back of weakened greenback and following the statements of ECB's executive board, Benoit Coeure, expressing that ECB couldn't cut interest rate any further, EUR/USD changed its track to bearish trend around 1.1503.

Dear Traders,

After riding high on the back of weakened greenback and following the statements of ECB's executive board, Benoit Coeure, expressing that ECB couldn't cut interest rate any further, EUR/USD changed its track to bearish trend around 1.1503.

As far as it might concern those monetary policy makers, negative interest rate didn't have major impact in the market. On another the side of the coin, banks raked in higher profits due to lower funding cost, rising loans volume and and looser loans regulations, as stated by Coeure.

 

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