So, after powerful rally on Monday euro/dollar, contrary to expectations, does not hurry up to correct. Some analysts point out an obvious antidollar fundamental background, however we hold the opinion that the unwillingness of euro to decrease is because it has not yet achieved its technical purpose.

The majority of experts repeat tirelessly boring explanations of so quick euro rise.

Let's remind that these are the expectations of the fast termination of process of rates increase in the USA and probability of continuation of a rise in oil prices. Economists explain the end of a cycle of toughening of the US FRS monetary policy by the expectations of reduction of the American economic growth and consumer expenses.

And on this background there are rumors that ECB can speed up pace of increase of rates.

Let's notice that according to forecasts of majority of analysts, at FOMC meeting on Tuesday interest rates will be raised 0,25 % up to 4.5 % per annum, however nobody is not sure that rates will be increased at the meeting following this one. We shall remind that at the following meeting there is planned the accession to a post FRS Head Ben Bernanke.

Periodically there are the publications forcing speculation around a disbalance theme in the USA, and some experts urge to desist from purchases of the American currency in the near future.

So, for example, well-known economist Dennis Gartman "has already buried" the dollar. We shall remind that the expert publishing daily comments on the financial markets at Gartman Letter for more than 20 years, analyzing a current situation, notices that the euro/dollar should get strong support in area of 1.2225/1.2250.

Gartman advises: "After euro falling in this area today or tomorrow we will recommend to buy, from the estimation, that the euro bear market ended several weeks ago. The euro bullish market develops now. Dollar strengthening should be used for sales whereas it is not necessary to buy the falling dollar".

It seems quite logical that on this background the market has positively reacted to today's publication of IFO business index in Germany, which made 102.0 for January, at the previous value 99.6.

As a result the January gain became maximal since May, 2000.

Right after the publication the euro/dollar rate promptly overcame offer at 1.2300, and tested again the recent tops close to 1.2320/25.

According to dealers above these levels there are many stops, in case of their work the pair will continue growth to option barrier 1.2350 expiring this week.

Today the market’s participants will pay attention to the publication of Existing Home Sales in millions in the USA for December at 15:00 GMT. Experts assume the value of the indicator 6.91, and the previous value was 6.97.

Despite the developing situation, we are not inclined to consider the last movements in the market as the beginning of a new wave of long-term dollar easing.

In our opinion these movements should be considered as a long felt correction against dollar after its powerful rise the last year.

Therefore the dollar/franc "shorts", opened from levels 1.2720 need not to overdo - after achievement of the first purpose of correction at 1.2450 they should be closed. The further events will indicate a probability of new sales opening.

Dollar/Canadian sales, recommended by us earlier, should also be kept - overcoming of a recent support at 1.1468 will give a new impulse of decrease. And dip of key support at 1.1425 will change cardinally the market in favor of bears.