Updating time : 24/10/2007 00:06 GMT

EUR/USD - 1.4258...The single currency rose strongly y'day to 1.4280 in
tandem with sterling n also cross buying of euro vs yen (carry trade demand), suggesting the decline fm Monday's high at 1.4349 has ended at 1.4126 n consolidation with mild upside bias is in store, abv said res wud extend gain twds 1.4306 (prev. sup n also 80.9% r of 1.4349-1.4126), however, unless a breach of said top is seen, further 'volatile' trading is likely to continue.

Therefore, we wud not chase this move here for day trade n instead, stand aside for now. In the event euro is able to penetrate 1.4349, this wud confirm MT uptrend has resumed n further headway to measured obj. at 1.4381 (50% proj. of 1.3552-1.4283 fm 1.4015) wud follow, however, o/bot condition shud prevent strg move beyond 1.4400 lvl.

Below 1.4219 (prev. minor res) wud lend credence to this consolidative
view n bring weakness to 1.4174 (y'day's low in Europe), however, a break there is needed to signal another leg of decline fm 1.4349 is under way n yield re-test of 1.4126 1st...

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