The Euro versus Dollar pair was able to breach the key support for the ascending channel yet the decline was limited at the 38.2% at 1.3440. The short term trend remains to the upside where the downside movements are only a correction as far as 1.3250 is intact. On the intraday basis, we expect the pair to rebound to the upside in an attempt to retest the previously broken support (currently at 1.3520) where a breach of this level will open the way towards 1.3720. On the other hand, breaching 1.3440 will take the pair to 1.3250.
The trading range for today is among the key support at 1.3250 and the key resistance at 1.3720
The general trend is to the downside as far as 1.4710 remains intact with targets at 1.212
