Morning Report

The euro versus dollar continued its bearish pressure since yesterday, thus forming horizontal support at 1.4970; representing the neckline for the bearish technical pattern that targets achieving more downside intraday movement, where its targets exist around main support 1.4860. From there potentialbearish intraday direction for today is to start, which touches the mentioned support and then rebounds to trade to the upside, resuming the bullish short term direction which will remain intact if the daily close remains above 1.4860.

The trading range for today is among the key support at 1.4825 and the key resistance at 1.5145.

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 selling the pair with a breakout below 1.4970 targeting 1.4860 and stop loss above 1.5040, might be appropriate.