Following a 3-day streak, eurodollar finally saw a rejection at $1.1340. German inflation CPI data added a negative sentiment to the pair, which provided investors with sell opportunities. Despite an array of poor US data releases which were expected to shift appetite, the pair remained neacpir $1.13 for the rest of yesterday’s session.
Will EURUSD Correct Lower?
EURUSD ($1.1320): It seems that the 3-session long impulse wave saw an end on Thursday. We can now expect prices to correct a little lower, provided the ascending trendline weakens. The slide down to the first corrective wave (a), indicates that there is room to move lower near wave (c) zone. This must follow the wave (b) completion to the upside, which seems nearly done.