Forexzilla.org

Ifo index came out worse than expected and euro lost some 40 pips in a minute. The forex market is still in a range mode but Wednesday’s FOMC meeting may provide reasons for a directional move. FED may hint that rate hikes are considered in the near futures, which will boost the dollar. Mr. Bernanke was clear that the high oil prices are correlated to the weak dollar and more hawkish FOMC rhetoric will not be surprise. To put it simple – the path of least resistance for EUR/USD is down (I want to know what Russiand think about this).  Support is 1.5455 and 1.5305/280. Rsistance is @ 1.5650 and 1.5840.