Forex Trading: EURUSD Technical Analysis – February 11, 2019

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The Euro (EUR) fell against the US Dollar (USD) on Monday, decreasing the price of EURUSD, to more 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 1.1277,  the support can be seen around 1.1230, the trendline support. Another support may come around 1.1200, the psychological number and then 1.1108, the major horizontal support as demonstrated in the given below chart.

EURUSD

Talking about the downside, a resistance may come around 1.1356, the major horizontal resistance level. Another resistance can be seen around 1.1443, the 38.2% Fib level resistance and then 1.1486, the trend line resistance as demonstrated in the given above chart. The technical bias may remain bearish as long as 1.1659, the major horizontal resistance level remains intact.

United States ADP Employment Change News

The employment change rate in the US remained 227K in October, as compared to 218K during the month before, up beating the economist expectation which was only 189K, 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, selling the EURUSD around current levels can be a good decision in short to medium term.

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