Morning Report

The euro versus dollar was able to achieve the first awaited target yesterday at 1.4565, keeping in mind that this level's strength had pushed the pair to descend once again to trade around resistance for the previously breached ascending channel. We see that this descend targets the gain of enough positive momentum to support the pair to head to the upside to achieve the possible bullish intraday direction, where through it the mentioned resistance will be breach and head towards the next target at 1.4675. Keep in mind that the importance of 1.4385 remaining intact to achieve this expected ascend.

The trading range for today is among the key support at 1.4300 and the key resistance at 1.4750.

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 1.4530 targeting 1.4675 and stop loss below 1.4425, might be appropriate.