EUR/USD (1.5724)

European & US sessions forecast levels: 1.5655/1.5815

Trend Sessions: European: Neutral

US: Neutral

Market Focus: 10:00 Existing Home Sales, 2:45 AM French Consumer Spending, 3:30 AM German Manufacturing PMI, German Services PMI, 4:00 AM Manufacturing PMI, Services PMI, 5:00 AM Italian GDP.

Daily Strategy: The dollar recovery after profit taken. After the big jump close to the record levels the recovery was based on temporary correction, as the real profit taken is not start. The Euro Zone main problem remains the high inflation that will push the European Central Bank to raise the interest rates as soon as possible. The high oil prices will cause serious problems to the US economy, like stagflation. For today the trading strategy is opening long positions, as buy on dips.