EUR/USD (1.5631)

European & US sessions forecast levels: 1.5530/1.5730

Trend Sessions: European: Neutral/Upward

US: Neutral/Upward

Market Focus: 8:30 AM Initial Claims, 10:00 AM ISM Services, 4:00 AM EU Retail Sales, 5:30 AM ECB President Trichet Speaks.

Daily Strategy: The recovery of the dollar is over. The last speech of Bernanke stops the dollar winning process. The chances for recession are more than 50%. At the same time is talking about that Fed will cut the interest rates with 25 bps to 2.00%. Also the expecting key Friday non-farm payrolls and unemployment rate will push the dollar again close to the last records. It is possible fast movements above 1.58 in the coming hours. The todays strategy is opening long positions, as buy on dips.