EUR/USD (1.2917)

European & US sessions forecast levels: 1.2730/1.3075

Trend Sessions: European: Neutral/Upward

US: Neutral

Market Focus: 8:30 AM Export Prices ex-ag., Import Prices ex-oil, Trade Balance, 10:00 AM Michigan Sentiment-Prel, 2:00 AM Germany Wholesale price index, 2:45 AM France Current Account, 5:00 EU Retail Sales.

Daily Strategy: Some investors saw optimism in US economy after the release of US Retail sales yesterday. Recession bottom talk about some investors even. All these speculations are absolutely false because the bottom of the recession is not possible to be reached this year. Any speculation that the recession end is close will be negative news for the dollar. The market is on the way following these speculations therefore the dollar lose on the market. In a short time the investors will see the signals for new deeper of recession that may send the EUR/USD at the levels below 1.20.