Dollar is slightly positive against major rivals, after the Dubai government has come out and said it won’t guarantee Dubai World’s debt. European stocks markets remain to the downside, now under past Friday’s close, while U.S. futures are also negative and under past Friday’s close. Also, gold prices remain stable around $ 11707oz, adding to this slow motion Monday, and rallies should remain short today.
EUR/USD is attempting to break the 1.5020 support, not quite easy at this point. Probably under 1.4995 pair would attempt a test of the daily low around 1.4970, while only a clear and strong acceleration trough this level could trigger a deeper movement to the 1.4930 area.
To the upside, we have some messy congestion zone between 1.5060/1.5094, so only clearly above this yearly high, I expect the pair to run higher with an intermediate resistance around 1.5135 ahead of the 1.5160 area.
