The Euro (EUR) inched higher against the US Dollar (USD) on Wednesday, increasing the price of EURUSD to a total of more than 1.1400 following some major economic news released. The technical bias may turn bullish because the pair’s price marked a lower high in the recent downside move.

EUR/USD Technical Analysis

As of this writing, the pair is being traded around 1.1457, since the price is increasing it is likely to observe a resistance around 1.1497, the immediate horizontal resistance level ahead of another resistance which may come around 1.1618, the 61.8% Fib level resistance. The trendline resistance stands next around 1.1799 as demonstrated in the given below chart.

Talking about the downside, the price of the pair is likely to support the EURUSD around 1.1310, the trend line support ahead of 1.1278, the 61.8% Fib level support and then 1.0492 another key horizontal level support is likely to prevent the price from falling further as demonstrated in the given below chart. The technical bias may remain bullish as long as 1.1430, the major horizontal resistance level remains intact.

US ADP Employment Change News

The employment change rate in the US remained 163K in August, as compared to 217K during the month before, up beating the economist expectation which was only 190K, the data is taken from the news released by Automatic Data Processing Inc., United States.

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) whereas a negative reading shows projects a bearish trend for the US Dollar (USD).

Trade Idea

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.