Updating time : 11/11/2007 23:45 GMT

EUR/USD - 1.4648... The single currency continued to move higher last week on dlr's broad-based weakness n hit another record high of 1.4753 on Friday b4 retreating to 1.4631 on active cross-selling in eur/jpy due to risk aversion.

Looking at the bigger picture, price is still trading well abv both fast n slow emas on daily chart (13-day n 55-day respectively), suggesting the LT rise fm 0.8228 record low (2000) remains in force n eventual gain twd 1.4938, being equality proj. of 1.3360-1.4283 measured fm 1.4015 wud be seen, however, as present move is over-extended, reckon psychological res lvl at 1.5000 (also just below 61.8% proj. of 0.8228-1.3670 fm 1.1640 at 1.5003) wud cap upside in 2007 n risk has increased for a much-needed correction to take place later.

The selloff on cable fm 2.1162 to 2.0800 suggests euro has possibly made a temp. top at 1.4753 as well but break of 1.4615 sup is needed to add credence to this view n yield retracement to 1.4530 (prev. res), possibly twd 1.4444 b4 up.

Today, expect 'choppy' trading below 1.4573 n only abv 1.4731 wud signal upmove has resumed again n extend marginally but 1.4792/95 shud cap upside...

http://www.AceTraderFX.com