Updating time : 22/10/2007 00:05 GMT

EUR/USD - 1.4347...The single currency rallied abv 1.4283 (Oct 1) last week in line with the greenback's broad-based selloff n despite the retreat fm 1.4320 to 1.4245 on Friday, euro rose strongly on the news that G7 financial ministers did not address the dlr in their meeting n price penetrated 1.4320 earlier this morning.

Euro is now close to previously-mentioned obj. at 1.4381 (50% proj. of 1.3552-1.4283 measured fm 1.4015) n abv wud extend twds 1.4467, however, as daily stochastics have re-entered o/bot territory, reckon 1.4500 lvl wud limit upside n 1.4595 (equality proj. of 1.1640-1.3370 measured fm 1.2865) wud hold, yield a much-needed correction 'later'.

On the downside, below 1.4243/45 (prev. res n Friday's low) wud signal a temp. top has been formed instead n retracement to 1.4180 n possibly 1.4144 wud follow b4 prospect of another rise.

Today, buying on pullback is favoured but profit shud be taken on upmove as 1.4400 wud hold due to o/bot condition. Below 1.4265 defers n risks 1.4243/45.

http://www.AceTraderFX.com