Morning Report

The euro versus dollar failed to stabilize above 1.4780, touching 1.4815 which is considered minor resistance levels that had forced the pair to set bearish candlestick formation; where on the chart above we can see that this minor resistance has become vital after the pair setthree peaks upon it. We currently see a negative crossover on Stochastic; whereas the RSI indicator is witnessing a bearish reversal. These levels support the mentioned resistance where we expect it to be able to return the pair to move to the downside to retest 1.4680, which is the 50 MA levels shown in the image above on the four hour chart. It should be noted that closing the four hours below the mentioned resistance is very important for our expectations to remain intact.

The trading range for today is among the key support at 1.4470 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 selling the pair at 1.4780 and targeting 1.4680 and stop loss above 1.4845, might be appropriate