The Euro (EUR) slid down against the US Dollar (USD) on Monday,  decreasing the price of EURUSD, to less than 1.1500 following some major economic releases. The technical bias may remain bearish because the pair’s price marked a lower low in the recent downside move.

EUR/USD Technical Analysis

As of this writing, the pair is being traded around 1.1409, a support can be seen around 1.1355, the 23.6% Fib level support. Another support may come around 1.1300, the psychological number ahead of 1.1214, the major horizontal support level as demonstrated in the given below chart.

On the upside,  a resistance can be noted around 1.1438, the trend line resistance level ahead of 1.1515, the horizontal resistance level and then 1.1585, the 61.8% Fib level resistance as demonstrated in the given above chart. The technical bias may remain bearish as long as 1.1443, 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) whereas a negative reading implies a bearish market for the US Dollar (USD).

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.