Morning Report

The euro versus dollar succeeded in achieving the awaited main targets for yesterday, with positive signs appearing through momentum indicators that might push the pair to bullishly correct and touch 38.2% Fibonacci, for yesterday's bearish wave before resuming the downside direction. From here, we see that the expected direction for today is bearish; targeting next 1.3500, as long as 1.3850 remains intact to maintain chances of achieving these expectations. In addition, it is vital to pay attention to the strong data awaited from the US economy at 13:30 GMT.

The trading range for today is among the key support at 1.3500 and the key resistance at 1.4055.

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

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RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.3800 targeting 1.3735 and stop loss above 1.3850, might be appropriate.