Forex Trading: EURUSD Technical Analysis - January 28, 2019 - FXDailyReport.com

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The Euro (EUR) inched higher against the US Dollar (USD) on Monday, this caused an increase in the price of EURUSD, bringing it to a total of more than 1.1400. The price of the pair increased after major economic news released. Considering the price movement of the pair over the last few days, it is anticipated that the technical bias may turn bearish because the pair’s price marked a lower low in the recent downside move.

EUR/USD Technical Analysis

Currently, the pair is being traded around 1.1434, since the price is increasing it is likely to observe a resistance around 1.1513, the immediate horizontal resistance is the point of reference. Another resistance may come around 1.1585, the 38.2% Fib level ahead of 1.1815, the high of October 24, 2019 as demonstrated in the given below chart.

EURUSD

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Talking about the downside, the price of the pair is likely to support the EURUSD around 1.1356, the 23.6% Fib level support and then 1.1289, the trendline support and then 1.1215, the major horizontal support which 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 1.1350, the major horizontal support level remains intact.

USD ADP Employment Change News

The employment change rate in the US remained 179K in November, as compared to 225K during the month before, down beating the economist expectation which was 195K, 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 couple of days, buying the EURUSD around current levels can be a good decision in short to medium term.



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