Morning Report

The euro versus dollar rushed strongly to the upside, breaching the minor resistance levels at 1.4810; nearing the resistance level for the minor ascending channel at 1.4950, which structured the short term bullish wave towards its main target 1.5040. The moving average protects the upside direction strongly, while noticing momentum indicators are nearing overbought areas. From here we can expect a bullish direction over intraday basis targeting 1.4950 and then 1.5040; this move requires trading to remain above 1.4735.

The trading range for today is among the key support at 1.4640 and the key resistance at 1.5040.

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 at 1.4810 and targeting 1.4950 and stop loss below 1.4735, might be appropriate