Morning Report

The euro versus dollar made a new attempt to ascend and hit the resistance levels around 1.4760 and stopping strongly on an upside - the resistance level for thebearish channel and 50% Fibonacci correction, in addition to theMA 50 -.its appears to us that horizontal support is at 1.4665 and represents the neckline for the bearish technical pattern which supports the continuity of our previous expectations; pointing to an expected bearish direction over an intraday basis, which will start to move after the clearbreakout for the mentioned support initially targeting 1.4560 - 1.4500 and requires 1.4770 remaining intact at the four hour closing.

The trading range for today is among the key support at 1.4500 and the key resistance at 1.4860.

The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000.

Monthly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.4665 targeting 1.4500 and stop loss above 1.4770, might be appropriate.