The appreciation of the dollar did not last long. Higher than anticipated Ifo reading and better results from the German companies reflected a relative strength of the European economy and was a major cause for the appreciation of the euro within the last few days. Still, the resistance at 1,5865 on the EURUSD proved successful and at the end of the week we noticed consolidation instead of new records. There seem to be two options for future developments – both assuming a continuance of the EURUSD long term rising trend. Firstly, one could expect another test of previous heights quite soon. On the other hand, some coordinated intervention on the currency market seems increasingly more probable and therefore the second option anticipates some stabilization – perhaps a similar one to the triangle shaped consolidation from November 2007 to February 2008.