Morning Report

This euro versus dollar continued its bearish pressure yesterday and touched support levels for the ascending channel once more around 1.4900. As far as this support is not breached chances of a bullish short term direction remain intact. This correctional descend is required to rid of the clear negative momentum appearing on momentum indicators. From hereour expectations for todayare a bullish intraday direction that targets the breach of 1.4995 to pave the way to target 1.5100. The bullish short term direction requires the daily close to remain above 1.4860 to prevail.

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.

RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.4905 targeting 1.4995 and stop loss below 1.4850, might be appropriate.