The Euro versus Dollar pair slumped yesterday to breach the key support for the bullish channel, with the possibility of forming a bearish technical pattern with a neckline at 1.4685, seen in the image above. Momentum indicators show the pair being oversold, which may result in an upside correction to retest the broken level at 1.4755 before reversing back to the downside for today targeting 1.4465. A four hour close below 1.4755 is crucial for the decline to continue.
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
|Recommendation||Based on the charts and explanations above, our opinion is selling the pair from 1.4755 to 1.4625 and stop loss above 1.4845 might be appropriate.|