US DOLLAR INDEX:
The US Dollar has extended through the December 2007 peak and is now inching towards a key fibonacci retracement at 79.05 (38.2% of 2005 high to 2008 low). Meanwhile, the EUR/USD, which failed to maintain a recovery above the 10 & 14-day MA's, has broken below it's key long-term trend-line at 1.4580 (connecting 2005 & Aug 2007 lows) and is also nearing a key 38.2% retracement. We remain dollar bulls (euro bears) while trading above a cluster of moving averages (10, 14, & 20) .
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