This euro versus dollar pair strongly descended yesterday, where support levels for the bullish wave halted this downside move between 1.4800 - 1.4845. From here the direction still remains bullish; thus, we expect a bullish trend over an intraday basis for today, while the force behind it is the bullish technical pattern appearing over the short term basis - shown in the side image - which requires the breach of the neckline at 1.4890 and then heads towards 1.5000 following 1.5050. Chances of a bullish direction will prevail if the daily close remain above 1.4845.
The trading range for today is among the key support at 1.4650 and the key resistance at 1.5200.
The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000.
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|Recommendation||Based on the charts and explanations above our opinion is buying the pair with the breach of 1.4890 and targeting 1.5000 and stop loss below 1.4805, might be appropriate.|