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 remains 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 1.1488. Since the price is increasing, a resistance can be noted around  1.1517, an immediate trend line resistance ahead of 1.1557, the major horizontal resistance and then 1.1618, the 38.2% fib level as demonstrated in the given below chart.

On the downside, a support can be noted around 1.1367, an immediate trend line support which is likely to prevent the price from falling below this level. Another support level may come around 1.1279, the major horizontal support level and then 1.1000, the psychological number as demonstrated in the given above chart. The technical bias may remain bearish as long as 1.1595, the major horizontal resistance level remains intact.

Europe’s Retail Sales News

In Europe, the figure with respect to the sales in the retail sector remained 1.1% in July, as compared to 1.5% during the month before, down beating the economist expectation which was 1.3%. The data is taken from a news broke by the Eurostat, Europe.

The figure represents the estimate of average sales achieved in Germany’s retail sector. Be informed that the data shows the performance of the retail sector over a short period of time. The variation in the sales percentage represents the change in the pattern of consumers as of how they buy and sell. Generally speaking, a high reading in this regard is taken as a bullish trend for the Euro (EUR) market whereas a low reading implies a bearish trend for the Euro (EUR).

Trade Idea

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