mistake in changing mysql password

mistake in changing mysql password

when i was following procedure for changing mysql password i made a mistake in following command:
update user set password=password ('New Password') where user = 'root';

i issues following command instead :
update user set password='New Password' where user = 'root';

now the application is not working and when i try to connect to mysql i get following error:

ERROR 1130 (HY000): Host 'localhost' is not allowed to connect to this MySQL server


please help










                New to ADSelfService Plus?