Morning Report

The euro versus dollar started the bearish correction, mentioned in yesterday's report, where we expect to achieve a minor bearish correction that would retest through it the pair's breached resistance level at 1.4915, shown in the image above. Momentum indicators are negatively pressuring the pair, thus supporting these expectations. Despite of the negative pressure, we see that today's expected direction is bullish over an intraday basis, which targets reaching 1.5200. It is vital that the daily close remains above 1.4915 to maintain chance of achieving this direction.

The trading range for today is among the key support at 1.4600 and the key resistance at 1.5290.

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 1.4915 and targeting 1.5060 and stop loss below 1.4825, might be appropriate