Morning Report

The euro versus dollar continued its negative pressure to near pivotal support 1.4385 - main correction 61.8% Fibonacci - accompanied by momentum indicators entering oversold areas. This makes us expect a bullish intraday direction; initially targeting resistance levels for the ascending channel at 1.4535 and requires 1.4315 to remain intact to maintain chances of achieving it.

The trading range for today is among the key support at 1.43260 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.

RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.4385 targeting 1.4535 and stop loss below 1.4315, might be appropriate.