Morning Report

The euro versus dollar continued its bearish pressure to breach main support at 1.4750, where it is on its way to achieving bearish technical targets that have broken its neckline previously, shown in the image above. More bearish intraday direction is expected for today; targeting next 1.4615 while keeping an eye on bullish signs appearing on the stochastic that might push the pair to bullishly correct to retestthe brokenlevels. The expected bearish intraday direction requires 1.4750 to remain intact below it at the four- hour close.

The trading range for today is among the key support at 1.4515 and the key resistance at 1.4915.

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 from 1.4750 targeting 1.4615 and stop loss above 1.4820, might be appropriate.