The Eurusd traded high today during the London and New York trading sessions after finding support at 1.3570 during the Asian trading session. The rally was further fueled by disapointing data after the U.S. service-sector published its ISM Non Manufacturing Index which missed an improving forecast.

However a further decline is expected as the rally was limited to form a resistance at price 1.3651, which happened to be a wave correction (Elliot wave analysis) from price 1.3817 to 1.3570. A rejection pattern of price was also formed on 55EMA on the 1hour time frame which suggests the begining of a fresh bearish run is about to emanate.

A break of support 1.3570 would rekindle the continuation of the downside to 1.3500 psychological zone and then further to 1.3300.However a break of resistance 1.3651 suggests that continuation of the bullish run from 1.3570 is still intact and further rise could be seen to 1.3700.


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