Morning Report

The euro versus dollar traded sideways after hitting support for the descending channel, shown in the image above, where it will near forming anascending triangle formation that will push the pair to the upside to touch resistance levels; this descending channel is at 1.4815. From here we expect a bullish trend over an intraday basis that requires the four hour close to be above 1.4700.

The trading range for today is among the key support at 1.4560 and the key resistance at 1.4930.

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 buying the pair from 1.4700 targeting 1.4815 and stop loss below 1.4630, might be appropriate.