The Euro (EUR) inched higher against the US Dollar (USD) on Wednesday, increasing the price of EURUSD to more than 1.1300 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

Currently, the pair is being traded around 1.1358, an immediate horizontal resistance can be seen around 1.1447. Another resistance may be noted around 1.1488, the trend line resistance level ahead of 1.1518, the 38.2% Fib level resistance level as demonstrated in the given below chart.

On the upside, the 61.8% Fib level support is likely to support the EURUSD around 1.1280,  ahead of 1.1000,  the psychological number and then 1.0489 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.

Initial Jobless Claims – United States

In the United States, the figure concerning the jobless claims filed by the jobless citizens of America remained 203K in August, as compared to 213K during the month before, down beating the economist expectation which was 214K, the data is sourced from the news released by the Department of Labor, United States.

The figure represents the total number of claims filed by the people to receive insurance compensation in respect of unemployment. It also represents the strength of the labor market in the country. It is to be noted that a larger number of people filing the unemployment insurance claims isn’t considered well for the country’s economy.

Generally speaking, a higher than expected reading indicates a bearish trend for the US Dollar (USD) and vice versa.

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.