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 news releases. The technical bias may remain bearish 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 1.1355, a support can be seen around 1.1224, an immediate trendline support level. Another trendline support level may come around 1.1114, ahead of 1.0567, the major horizontal support level as demonstrated in the given below chart.

Talking about the upside, the price of the pair is likely to resist the EURUSD around 1.1443, the confluence of a trend line and a resistance level ahead of 1.1515,  the horizontal resistance level and then 1.1585 another key horizontal level support is likely to prevent the price from increasing further as demonstrated in the given above chart. The technical bias may remain bullish as long as 1.1214, 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.