The Euro (EUR) inched lower against the US Dollar (USD) on Thursday, decreasing the price of EURUSD, to less than 1.1600 following some major economic releases. The technical bias may turn bullish because the pair’s price marked a lower high in the recent downside move.
EUR/USD Technical Analysis
Currently, the pair is being traded around 1.1518, a support may come around 1.1476, the major horizontal support. Another support may come around 1.1426, the 38.2% Fib level support and then 1.1323, the trend line support as demonstrated in the given below chart.
Talking about the upside, the price of the pair is likely to observe a resistance around 1.1621, an immediate trendline resistance level is the point of reference. Another resistance may come around 1.1695, the 38.2% Fib level resistance ahead of 1.1845, the key horizontal level as demonstrated in the given above chart. The technical bias may remain bearish as long as 1.1695, 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.
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.