The EUR/USD pair drops after reaching a strong resistance level. The US economic data could be decisive today. Escaping from the current range could bring new trading opportunities. The EUR/USD price is trading in the red at 1.0741 at the time of writing. The bias remains bullish as the Dollar Index struggles to post any meaningful recovery in the short term. -Are you interested in learning about forex indicators? Click here for details- Technically, the currency pair reached a resistance level, so a new sell-off is in the cards after its strong rally. Still, you’ll have to be careful as the US is to release high-impact data, which could shake the markets. Fundamentally, the USD took a hit from the US economic figures yesterday. The ADP Non-Farm Employment Change came in at 128K in May versus 295K estimates compared to 202K in April. Today, the US Non-Farm Employment Change is expected at 325K versus 428K in April. The unemployment rate could drop from 3.6% to 3.5%, while the Average Hourly Earnings may report a 0.4% growth in May versus 0.3% growth in the previous reporting period. In addition, the ISM Services PMI could come in at 56.5 points, while the Final Services PMI could remain steady at 53.5 points. The EUR/USD pair slipped lower as the Eurozone data disappointed. The Retail Sales reported a 1.3% drop, Final Services came in at 56.1 below 56.3 points expected, and German Final Services PMI dropped from 56.3 to 55.0 below 56.3 estimates. In contrast, the German Trade Balance was reported at 3.5B versus the 5.6B forecasted. Get FREE Forex Signals Now! EUR/USD price technical analysis: Resistance holding back gains The EUR/USD pair rallied in the short term after finding strong support at the 1.0641 level. It has reached the 1.0757 key level, where it has found resistance. Now, it’s trading in the red, and it could come back down if the US data comes in better than expected. -Are you interested in learning about the forex signals telegram group? Click here for details- The 1.0786 higher-high stands as a key resistance as well. As you can see on the 4-hour chart, the price is trapped between 1.0786 and 1.0641. Escaping from this extended range could bring new opportunities. The 1.0696 level is seen as an immediate downside obstacle. After breaking above the flag’s resistance, the EUR/USD pair was expected to approach new highs. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Olimpiu Tuns Olimpiu Tuns Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms. View All Post By Olimpiu Tuns EUR/USD Daily share Read Next USD/CAD Weekly Forecast: Looking to Break Below 1.25, Eying Inflation Saqib Iqbal 4 weeks The EUR/USD pair drops after reaching a strong resistance level. The US economic data could be decisive today. Escaping from the current range could bring new trading opportunities. The EUR/USD price is trading in the red at 1.0741 at the time of writing. The bias remains bullish as the Dollar Index struggles to post any meaningful recovery in the short term. -Are you interested in learning about forex indicators? Click here for details- Technically, the currency pair reached a resistance level, so a new sell-off is in the cards after its strong rally. Still, you’ll have to be careful as… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.