Morning Report

The euro versus dollar was not able to stabilize above the main breached resistance levels yesterday - currently at 1.4975 - while attempting to return to the previously breached descending channel. We are depending on minor support 1.4935 to prevent the pair from achieving more downward movement, where we expect a bullish intraday direction for today,targeting 1.5100 mainlybut areas of 1.4855 should holdto to protect our suggested scenario.

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 with the breach of 1.4975 targeting 1.5100 and stop loss below 1.4890, might be appropriate.