Morning Report

The Euro versus dollar pair confirmed the exit from the ascending channel as seen in the above image, changing the intraday trend to the downside confirmed by momentum indicators that have given bearish signs. The medium and short term trend are still to the upside yet on the intraday basis, the pair needs to correct to the downside targeting the 23.6% correction for the ascending channel at 1.4630 and perhaps extend to the 38.2% correction at 1.4540. Trading below 1.4740 is vital for the decline to remain intact.

The trading range for today is among the key support at 1.4330 and the key resistance at 1.4985

The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000

RecommendationBased on the charts and explanations above, our opinion is selling the pair from 1.4695 to 1.4565 and stop loss above 1.4740 might be appropriate.