Morning Report

The euro versus dollar was able to achieve the intraday bearish targets, mentioned in the midday report last Friday, at 1.4800 and moved to the upside to near strongly scattered resistance levels at 1.4960. We think that, the pair will attempt a minor bearish correction, where it will gain through it bullish momentum that will make the pair rebound towards the bullish direction throughout the clear breach of 1.4960.Thus, expect a bullish intraday direction for today that targets 1.5100 and which requires trading to remain above 1.04855 to prevail.

The trading range for today is among the key support at 1.4800 and the key resistance at 1.5100.

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 1.4890 targeting 1.5000 and stop loss below 1.4800, might be appropriate.