The Euro has been falling against the Dollar during today's session with the pair, extending decline from yesterday high at 1.5015 and reaching the lowest level since Nov 4 at 1.4807. It is now trading compressed in a relatively small range between two important levels that will determinate, in case of brake, its future direction. On the lower part, the support set at 1.4820 is keeping the euro dollar future up, on the other hand the upper resistance at 1.5050 has been strong enough and avoided the euro to break it and move towards its historical high at 1.60. The general outlook is as follow: prices are declining while manufacturing slows and inventories rise, not to mention retail sales minus autos are weak as well. In order to understand clearly the direction taken, we will have to wait and see how the rest of week's data pans out.

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