EUR/USD (1.5634)

European & US sessions forecast levels: 1.5550/1.5690

Trend Sessions: European: Neutral

US: Neutral

Market Focus: 8:30 AM Chain Deflator-Prel., GDP-Prel, Initial Claims, 3:55 AM German Unemployment Change, 4:00 AM M3 Money Supply, 5:00 AM EU Consumer Confidence.

Daily Strategy: After temporary recovery the oil back to the levels above $130. The same situation expects the dollar. The recovery of the dollar in the last few days is temporary. The situation in US economy is poor and the bottom of the crisis is not reached. The dollar found good support at 1.5600 as the break below will follow new recovery to 1.5550. If the dollar not breaks below 1.5600 we expect to see recovery of the euro to levels close to 1.57.