The euro versus dollar stabilized trades around the support level for the descending channel, with a minor lean towards achieving amild bullish correction due to pressure from positive signs, appearing on momentum indicators. Webelieve that,the pair will be able to touch minor resistance 1.4585 and then reverse to achieve a possible bearish intraday direction ;targeting start 1.4475 zonesfollowed1.4400, while keeping an eye on the bearish short term direction which will prevail if 1.4685 remains intact. It is vital to wait for the release of the U.S. dollar interest rate at precisely 19.15 GMT.
The trading range for today is among the key support at 1.4360 and the key resistance at 1.4750.
The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000.
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|Recommendation||Based on the charts and explanations above our opinion is selling the pair from 1.4585 targeting 1.4475 and stop loss above 1.4645, might be appropriate.|
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