The euro versus dollar sharply pushed to the downside last Friday below the need to attempt a bullish correction, shown in our reports that day, where it was able to touch support levels for the descending channel precisely at 1.4585 and rebound to the upside to normally trade within this channel heading towards its resistance levels. From here, we expect to witness a bullish intraday correction touching 1.4760 and then return to resume the expected bearish direction over an intraday basis; where next targets are around 1.4475. Expectations of an expected descend will prevail if the daily closing remains below 1.4790.
The trading range for today is among the key support at 1.4475 and the key resistance at 1.4820.
The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair from 1.4760 targeting 1.4625 and stop loss above 1.4860, might be appropriate.|