Morning Report

The Euro versus Dollar pair neared the awaited resistance at 1.4675, yet failed to maintain its bullish momentum resulting in a downside correction before attempting to head towards it. Trading is currently near the 23.6% correction and we expect further declines towards the 38.2% correction at 1.4465, before rebounding back to the upside on the intraday basis targeting 1.4685. The stochastic indicator is entering an oversold area, which supports our overview and is confirmed as far as 1.4360 is intact.

The trading range for today is among the key support at 1.4330 and the key resistance at 1.4865

The general trend is tot the downside as far as 1.4725 remains intact with targets at 1.2120

RecommendationBased on the charts and explanations above, our opinion is buying the pair from 1.4465 to 1.4610 and stop loss below 1.4360 might be appropriate.