Updating time : 13/12/2007 00:12 GMT

EUR/USD - 1.4713...Y'day was a difficult day to trade the euro due to several 'volatile' swings n despite the brief but strg rise to 1.4750 following the Fed n other central banks' announcement to introduce liquidity measures to ease the credit crunch, the single currency then retreated after failing to penetrate prev. res at 1.4751 (Tuesday's high) n further choppy trading inside the range of 1.4636-1.4751 is seen initially.

Therefore, we will refrain fm entering a position for day trade here (readers shud keep an eye out for any special updates to our daily outlook) as only below 1.4639 wud signal the recovery fm 1.4525 (Dec 6) has ended n yield further weakness to 1.4599/11 sup area (61.8% r of 1.4525-1.4751 is also 1.4611) n possibly twd 1.4568 (80.9% r) but said sup at 1.4525 shud hold on 1st testing.

A break abv 1.4750/51 wud indicate aforesaid erratic rise fm 1.4525 has resumed instead n as this move is viewed as a retracement of recent decline, further gain to 1.4771 n then 1.4799 (61.8% r of 1.4968-1.4525) wud follow but pivotal res at 1.4859 (Nov 28) shud remain intact...

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