Morning Report

The euro versus dollar completed the bullish correction, where ittouched 38.2% Fibonacci inline with momentum indicators entering overbought areas; therefore making us expected a bearish intraday direction that initially targets 1.3800. MA 50 supports expectations, as long as we keep in mind the importance of 1.4055 to maintain chances of achieving these expectations.

The trading range for today is among the key support at 1.3740 and the key resistance at 1.4170.

The general trend is to the upside as far as 1.3480 remains intact with targets at 1.6000.

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Support1.39251.38701.38001.37401.3670
Resistance1.39751.40001.40551.40801.4145
RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.3875 targeting 1.3870 and stop loss above 1.4055, might be appropriate.