Updating time : 16/11/2007 00:04 GMT

EUR/USD - 1.4650... Although the single currency's intra-day rebound fm Asian low of 1.4838 was slightly stronger than expected, the pair met heavy offers abv 1.4700 n dropped fm 1.4705 on renewed cross-selling in eur/jpy n later triggered stops at 1.4630, euro then fell to 1.4605 in New York.

The retreat fm 1.4726 (Wed.'s high) has retained our previous near term bearish view further choppy consolidation below 1.4753 (record high made last week) wud continue n downside bias remains for weakness twd minor sup at 1.4572,however, expect this wk's 1.4521 low to hold fm here n bring 'sideways' trading inside early established broad range of 1.4521-1.4753.

Looking ahead, only a break of 1.4521 sup wud confirm MT uptrend has made a temp. top at 1.4753 n correction of MT intermediate rise fm 1.4015 wud extend to 1.4471 (38.2% r), then 1.4444 but reckon sup at 1.4404 wud remain intact.

Therefore, whilst trading fm short side is favoured, one shud book profit on subsequent decline. Abv o/n minor res at 1.4646/47 wud risk recovery twd 1.4690/00, however, only breach of 1.4726 wud yield a re-test of 1.4753 later...

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