Morning Report

The euro versus dollar was able to build a base on yesterday's correction level at 1.4890, where it faced a strong resistance again around 1.4960 to cause the beginning of a bearish intraday correction that we think might pressure the pair for today. From here we expect a bearish intraday movereaching 1.4820 –the support level for the ascending channel – this downside move is considered normal within the minor ascending channel and then we await for another rebound to continue towards the next short term upside target around 1.5100. The short term bullish direction will prevail if the four-hour closings remain above 1.4820.

The trading range for today is among the key support at 1.4690 and the key resistance at 1.5280.

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 1.4960 and targeting 1.4820 and stop loss above 1.5020, might be appropriate