The Euro (EUR) inched lower against the US Dollar (USD) on Thursday, decreasing the price of EURUSD to less than 1.1850 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 1.1807. 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 1.1722, the 38.2% Fib level support ahead of 1.1700, the psychological number and then 1.1635, 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 Unemployment Rate
U.S. job growth increased less than expected in April and the unemployment rate dropped to near a 17-1/2-year low of 3.9 percent as some out-of-work Americans left the labor force.
Nonfarm payrolls increased by 164,000 jobs last month, the Labor Department reported. Data for March was revised to show the economy adding 135,000 jobs instead of the previously reported 103,000. That was the fewest amount of jobs created in six months and followed an outsized gain of 324,000 in February.
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.