EUR/USD (1.4639)

European & US sessions forecast levels: 1.4550/1.4710

Trend Sessions: European – Neutral/Upward

US – Neutral

Market Focus: 3:00 AM ECB President Trichet Speaks, 4:00 AM Services PMI, Manufacturing PMI, 5:00 AM Industrial New Orders.

Daily Strategy: After the emergency action of the Federal Reserve the dollar is again under new pressure. The emergency interest rates cut with 75 bps were signal for coming recession after the strong losses on the shares markets worldwide. The Fed decision is positive in long-term but it was too late. Bernanke delay too much when the chances to out by the recession are low. For today the traders will continue with the fears about the recession but all signals show that Europe is also by the way of USA. It is expecting high volumes on the market today. If the dollar break above 1.47 the dollar will be set close to the record levels to test 1.50.