EUR/USD (1.5590)

European & US sessions forecast levels: 1.5485/1.5670

Trend Sessions: European: Neutral/Downward

US: Neutral

Market Focus: 8:15 AM ADP Employment, 10:00 AM Factory Orders, 4:00 AM EU PPI.

Daily Strategy: The recovery of the dollar was based on combination between profit taken and the crisis in UBS bank. The subprime crisis from United States will come in Europe, as the first hit bank is UBS. At this time many traders fast to take their profits as sell euro against dollars. For today the recovery of the dollar will continue as this recovery can continue with another 200 pips gain against the euro. On the other side is expecting new worse US non-farm payrolls data at the end of the week that will stop the dollar recovery. The trading strategy is opening short positions during the European session.