The Euro (EUR) inched higher against the US Dollar (USD) on Thursday, increasing the price of EURUSD to more than 1.1400 following some key economic releases. The technical bias may turn bearish because of a higher low in the recent upside move.

EUR/USD Technical Analysis

As of this writing, the pair is being traded around 1.1413. Since the price is increasing, a resistance can be noted around  1.1442, an immediate trend line resistance level ahead of 1.1496, the 61.8% Fib level resistance and then 1.1557, the key horizontal resistance level as demonstrated in the given below chart.

On the downside, a support can be noted around 1.1379, the trendline support level is likely to prevent the price from falling below this level this level. Another support level may come around 1.1350, the psychological number and then comes 1.1300 the key horizontal support level as demonstrated in the given above chart. The technical bias may remain bearish as long as 1.1430, the major horizontal resistance level remains intact.

United States 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.

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.

Trade Idea

Considering the overall price behavior of the pair over the last few weeks, selling the EURUSD around current levels can prove to be a good decision in short to medium term.