Morning Report

The Euro versus Dollar pair neared the suggested target yesterday at 1.4875, yet the FOMC rate decision pressured the pair to the downside, after the incline was halted at 1.4844. The pair is currently facing the key support for the bullish channel, seen in the image above,alongside the 61.8% correction at 1.4700, where it seems like the pair is being oversold according to the stochastic indicator. All this makes us believe the pair is to incline on the intraday basis; targeting the breach of 1.4844 in an attempt to head towards 1.5000 only if 1.4610 remains intact for today.

The trading range for today is among the key support at 1.4465 and the key resistance at 1.5000

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 buying the pair from 1.4700 to 1.4840 and stop loss below 1.4610 might be appropriate.