Morning Report

The euro versus dollar was stuck within a sideway range with a bearish slant that helps it to gather a positive momentum, which support our expected bullish trend over an intraday basis as we await a base to be built on minor support that appeared yesterday at 1.4450 and then head to the upside to breach resistance 1.4525; paving the way for achieving technical targets starting from 1.4565 following 1.4675. It is vital that 1.4375 remain intact so that the bullish intraday direction may prevail.

The trading range for today is among the key support at 1.4300 and the key resistance at 1.4675.

The general trend is to the upside as far as 1.4035 remains intact with targets at 1.6000.

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RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.4450 targeting 1.4565 and stop loss below 1.4375, might be appropriate.