Updating time : 20/11/2007 00:10 GMT

EUR/USD - 1.4665... Although the single currency extended Friday's rise fm 1.4581 marginally higher to 1.4688 in Asia y'day, the pair retreated on cross-selling in eur/jpy to low of 1.4621 in European morning, however, dlr's broad-based weakness lifted price to 1.4678 in New York n later traded narrowly.

Today, the horizontal movements in both fast n slow emas (21-hr n 55-hr) suggest another day of sideways consolidation wud be seen n the price action fm 1.4753 record high is possibly developing into a triangle, so as long as sup at 1.4521 holds, MT uptrend may resume once the formation is over n a breach of res at 1.4726 wud confirm, bring a re-test of 1.4753, then twds 1.4796 (61.8% proj. of 0.8563-1.3670 fm 1.1640). Looking ahead, next upside target wud be 1.4890, being 50% proj. of 1.4015-1.4753 fm 1.4521, however, sharp rise beyond there is not envisaged n price shud falter well below psychological res at 1.5000.

Below y'day's 1.4621 low yields another corrective fall to 1.4581 but only
breach of 1.4521 brings retrace. of upmove to 1.4471 (38.2% r of 1.4015-1.4753) n later 1.4444. In view of nr term mixed outlook, we're standing aside initially

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