USD Dollar (USD)

The Dollar continued Friday's momentum and gained versus most majors after no major news was released. Chairman Bernanke said the weak employment and tight credit will cause a slow expansion. NASDAQ and Dow Jones ended almost flat moving by -0.22% and 0.01% respectively after Chairman Bernanke said it is too early to declare the recovery will last. Crude weakened by -1.96% closing at 73.99$ a barrel as OPEC ministers flag steady output and Gold (XAU) dropped by -0.22% closing at 1158.8$ an ounce on a stronger Dollar. Today, IBD/TIPP Economic Optimism is expected with 49.5 versus 47.9 prior.

EURO (EUR)

The Euro reached a monthly low versus the Dollar breaking below the 1.48 support level but unable to keep below it. The pair has crossed and remained below the 50 day moving average for the first time in 8 months supporting the Dollar rebound. German Factory Orders came out weaker with -2.1% versus 0.6% expected. Overall, EUR/USD traded with a low of 1.4755 and with a high of 1.4904. Today, German Industrial Production is expected with 1.1% versus 2.7% prior.

EUR/USD - Last: 1.4840

Resistance

1.4900

1.4970

1.5020

Support

1.4775

1.4735

1.4685

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