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Forex Trading: EURUSD Technical Analysis

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The Euro (EUR) inched higher against the US Dollar (USD) on Monday, this caused an increase in the price of EURUSD, bringing it to a total of more than 1.1300. The price of the pair increased after major economic news released. Considering the price movement of the pair over the last few days, it is anticipated that the technical bias may remain bullish because the pair’s price marked a higher high in the recent upside move.

EUR/USD Technical Analysis

Currently, the pair is being traded around 1.1375, since the price is increasing it is likely to observe a resistance around 1.1392, the immediate horizontal resistance is the point of reference. Another resistance may come around 1.1433, the 38.2% Fib level ahead of 1.1484, the high of January 08, 2019 as demonstrated in the given below chart.

EURUSD

 

Talking about the downside, the price of the pair is likely to support the EURUSD around 1.1350, the 61.8% Fib level support and then 1.1324, the trendline support and then 1.12125, which is likely to prevent the price from falling further as demonstrated in the given below chart. The technical bias may remain bullish as long as 1.1350, the major horizontal support level remains intact.

United States ADP Employment Change News

The employment change rate in the US remained 179K in November, as compared to 225K during the month before, down beating the economist expectation which was 195K, the data is taken from the news released by Automatic Data Processing Inc.

The organization measures the number of people remained employed over a due course of time. Generally speaking, a positive reading in the employment data rate is considered as bullish for the US Dollar (USD) and vice versa.

Trade Idea

Considering the overall price behavior of the pair over the last couple of days, buying the EURUSD around current levels can be a good decision in short to medium term.

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