EUR/USD (1.4645)

European & US sessions forecast levels: 1.4555/1.4710

Trend Sessions: European – Neutral/Downward

US – Neutral/Downward

Market Focus: 8:30 AM Productivity-Prel.

Daily Strategy: The recovery of the dollar against the euro will continue. The focus of the traders is over the coming ECB interest rates decision tomorrow. It is widely expecting ECB to hold the interest rates unchanged but the comments about when will start to cut the interest rates is the most important. The investor’s forecasts show that ECB will cut the interest rates twice during 2008, as the first cut will be at the middle of 2008. For today is expecting to continue the movement into downward direction. FS Team trading strategy for today is opening short positions.