The euro versus dollar continued trading around the support level for the descending channel all day yesterday, while considering the decline of support for this channel that is presently occurring towards 1.4305. This support is showing its strength and thus we expect to witness a bullish intraday correction touching 1.4490 before insuring and choosing the next front for the pair. This bullish correction supports the positive signs that are appearing through momentum indicators, while keeping in mind that achieving these expectations requires 1.4305 remaining intact with the four hour close.
The trading range for today is among the key support at 1.4145 and the key resistance at 1.4585.
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 buying the pair from 1.4345 targeting 1.4490 and stop loss below 1.4250, might be appropriate.|