EUR/USD (1.5485)

European & US sessions forecast levels: 1.5395/1.5545

Trend Sessions: European: Neutral/Upward

US: Neutral

Market Focus: 8:30 AM Building Permits, Housing Starts, 10:00 AM Michigan Sentiment-Prel., 2:45 AM French Non-farm Employment, 3:00 AM ECB President Trichet Speaks, 4:00 AM Italian Trade Balance, 5:00 AM EU Trade Balance.

Daily Strategy: The dollar is again mix after the try to recovery yesterday. The trading will continue within the trading range. The economic news is mix and there are not clear directions. This consolidation process will continue for couple of days. The most important news today is the reports for US housing sector. The bottom in the most suffering economic sector probably is not reached. But most of the investors predict that the bottom is close and the sector will start to recovery soon. The trading strategy today is trading within the trading range.