Photomerge Exposure is not aligning photos with slightly different offsets. I have 3 photos with 3 different exposures but since they were taken hand-held rather than on a tripod, the images are slightly offset from each other. The result from Photomerge Exposure is a slightly blurred image with good dynamic range. Apparently Photomerge Exposure is not aligning the images like Photomerge Panorama and Photomerge Panorama is not creating an HDR image.
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