European & US sessions forecast levels: 1.3090/1.3390
Trend Sessions: European: Neutral/Downward
Market Focus: 8:30 AM Building Permits, Housing Starts, Initial Claims, 10:00 AM Philadelphia Fed, 5:00 AM EU Industrial production, HICP.
Daily Strategy: The dollar continues to trade within the trading range of 1.31 and 1.34. It is expecting new key data to move the trading out of the current trading range. Slowly the trading will consolidate at these levels. The break below 1.3090 will break this process as in this case we recommend opening short positions. If the euro/dollar break above 1.3390 then we recommend opening long with target 1.35. The key events today are the situation in US housing sector and initial claims.