Forex Trading: EURUSD Technical Analysis – December 07, 2018

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The Euro (EUR) inched lower against the US Dollar (USD) on Friday, decreasing the price of EURUSD, to less than 1.1400 following some major economic releases. The technical bias may remain bearish because the pair’s price marked a higher low in the recent upside move.

EUR/USD Technical Analysis

Currently, the pair is being traded around 1.1366, since the price is decreasing a support may come around 1.1296, the trendline support level ahead of 1.1250, the psychological number and then 1.1215, a key horizontal support as demonstrated in the given below chart.

 

EURUSD

Talking about the upside, the price of the pair is likely to observe a resistance around 1.1433, the trendline resistance level is the point of reference. Another resistance may come around 1.1513, the key horizontal resistance ahead of 1.1585, the 61.8% Fib level demonstrated in the given above chart. The technical bias may remain bearish as long as 1.1443, the major horizontal resistance level remains intact.

Nonfarm Payrolls – United States

Non-farm payrolls in the United States increased by 201 thousand in August of 2018, as compared to 147 thousand in during the month before and above market expectations of 191 thousand. Employment increased in professional and business services, healthcare, wholesale trade, transportation and warehousing, and mining.

Non-Farm Payrolls in the United States averaged 126.88 Thousand from 1939 until 2018, reaching an all-time high of 1115 Thousand in September of 1983 and a record low of -834 Thousand in October of 1949. Generally speaking, increasing payrolls numbers indicates a bullish trend for the US Dollar (USD) whereas decreasing numbers suggest a bearish market for the US Dollar (USD).

Trade Idea

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

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