Daily Forex Market Commentary

The dollar encountered another bout of weakness on Thursday and between the recessionary retails sales and Carlyle bond funds' woes, its weakness should persist. There is faint talk of intervention, but no central bank is breaking down the door to support the US currency. Watch the University of Michigan report for intraday direction, but some short term recovery is likely for the dollar.

Euro/dollar

Euro/dollar climbed to yet a new record high on Thursday. My model is long since February 14 and I can't complain. The pair remains overbought, but only short-term weakness is possible.

Initial resistance is at 1.5660. Further resistance comes at 1.5760.

Immediate support is at 1.5570. The next level is at 1.5490. Below 1.5415, there is further support at 1.5350.

Oscillators are rising.

NEAR-TERM: Mixed to slightly bullish
MEDIUM-TERM: Bullish
LONG-TERM: Bullish

Recommended Trading Today

Buy at 1.5617 SL 1.5587 TP 1.5667