FxWirePro- EURUSD Trade idea

EUR/USD is consolidating in a narrow range despite weak US economic data.after more than 250 pips decline.  It hits  a intraday  high of 1.13993 and currently trading around 1.13732.

In April 2025, the ADP Non-Farm Employment Change posted a weaker-than-expected gain of 62,000 jobs, the weakest since July 2024, as goods-producing and service industry gains were offset by education/health services and information losses, reflecting employer caution; meanwhile, the Q1 2025 GDP advance estimate reported a 0.3% annual rate decrease, reflecting a jump in imports and lower government spending, partly offset by fixed investment and consumer spending.

Technical Analysis of EUR/USD

The pair is holding above short and long-term moving averages in the 4-hour chart. Near-term resistance is seen at 1.1425; a break above this may push the pair to targets of 1.1450/1.1500/ 1.1570/1.1600.  Major bullish momentum is likely only if prices can break above the 1.160 target of 1.1660. On the downside, support is seen at 1.1300 any violation below will drag the pair to 1.1270/1.1240/1.1150/1.11000/1.10840/1.1000.

Market Indicators and Trading Strategy

Commodity Channel Index (CCI)-  Bearish

Average Directional Movement Index (ADX) - Neutral

 It is good to buy on dips around 1.1300 with a stop-loss at 1.1245 for a target price of 1.160.