Morning Report

The euro versus dollar pressured the minor support levels breaching the minor ascending channel to reverse and head towards the minor support around 1.4675. This constant pressure makes us expect an intraday move to the downside, targeting first 1.4595 and then 1.4500;note that the Stochastic has entered oversold areas where the 100 MA is impeding the pair's downside move, which might cause some mixed trading and difficulty in achieving the mentioned bearish targets. The downside direction will remain intact as far as the four-hour closings are below 1.4780.

The trading range for today is among the key support at 1.4470 and the key resistance at 1.4970.

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 with the breach of 1.4675 and targeting 1.4595 and stop loss above 1.4645, might be appropriate