Morning Report

The euro versus the dollar was able to insure its return to trade within the previously breached ascending channel, thus reviving the short term bullish direction. The breached pivotal resistance level - currently at 1.4815 - turned into support, where the pair is supposed to build its base on it to achieve the bullish intraday direction expected for today; where its first target is currently around 1.5000. It is vital that the four-hour closing remains above 1.4745 for this expected bullish trend to prevail.

The trading range for today is among the key support at 1.4600 and the key resistance at 1.5065.

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 1.4815 and targeting 1.5000 and stop loss below 1.4745, might be appropriate