Forex Commentary

The dollar recovery against the euro may stop soon by Forex Strategy Team
Updated 05:34 GMT, August 17, 2009

EUR/USD (1.4144)
European & US sessions forecast levels: 1.4005/1.4325
Trend Sessions: European: Neutral/Downward
US: Neutral/Upward
Market Focus: 8:30 AM Empire Manufacturing, 9:00 AM Net Long-Term TIC Flow, 5:00 AM EU Trade Balance.
Daily Strategy: The dollar continues with the recovery against the euro. The process may continue but there are many traders ready to open long positions. At the levels of 1.4005 and 1.4080 there are strong support that may turn the current downward trend. We recommend using these levels to open long positions. If the trading breaks below the levels of 1.4080 reverse the strategy with target of 1.4005/15.

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