Morning Report

The euro versus dollar pushed strongly to the upside achieving the first main target for the bullish intraday around 1.5050, starting to start some current minor bearish corrections due to some negative signs appearing on momentum indicators. We can expect a base to be built on 1.4990 and then a rebound to achieve a possible bullish direction over an intraday basis; targeting the breach of pivotal resistance 1.5050 - 1.5080 and then heading towards 1.5200. It is vital that the four hours close above 1.4925 to maintain the expected bullish direction.

The trading range for today is among the key support at 1.4840 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 1.4990 targeting 1.5200 and stop loss below 1.4925, might be appropriate.