The Euro (EUR) inched higher against the US Dollar (USD) on Monday, increasing the price of EURUSD to more than 1.2250 following some key economic releases. The technical bias remains bullish because of the higher high in the recent upside move.
EUR/USD Technical Analysis
As of this writing, the pair is being traded around 1.2270. A resistance can be noted around 1.2315, A horizontal resistance level ahead of 1.2456, a trendline resistance and then 1.2555, the major horizontal resistance area as demonstrated in the given below chart.
On the downside, a support can be noted near 1.2177, the 38.2% Fib level support ahead of 1.2000, the psychological number and then 1.1935, the high of December 1st, 2017 as demonstrated in the given above chart. The technical bias may turn bullish if it breaks the 1.2478 resistance level.
US Trade Balance News
The trade balance of the US remained $-57.6B in February, as compared to $-57.6B during the month before, increasing the economist expectation which was $-57.8B, the data concerning the trade balance is collected from the news break by the Bureau of Economic Analysis and the U.S. Census Bureau. The two bodies releases data with regards to the level of imports and exports of goods and services and the balance between them. Generally speaking a positive reading in an indication of bullish trend for the US Dollar and vice versa.
Trade Idea
Considering the overall price behavior of the pair over last few weeks, buying the EURUSD around current levels can proved to be a good decision in short to medium term.