Today's Report

* Market is showing no love for the euro at this moment. After a week of painfully slow movement, the US dollar is back with a vengeance and this time it means business. President-elect Obama revealed that his team is seeking a larger-than-expected 300 Billion in tax cuts. The euro started the first week of trading on a weak note anyway. Having ECB Vice President, Lucas Papademos talked about how rate cuts might be needed to stimulate the economy would be no less than adding insult to injury.

* A slew of economic data will be released later in the day (at 10.00 PM).

* EUR/USD falls further to as low as 1.3504 today and at this point, intraday bias remains on the downside as long as 1.3712 minor resistance holds. As discussed before, break of .3629 cluster support is consistent with the view that rise from 1.2423 has completed already. Further fall should be seen to 61.8% retracement of 1.2329 to 1.4719 at 1.3242 first. (ActionForex)

* Live Trading: Sold EUR/USD 1.3485 [Closed +40]