Updating time : 30/12/2007 23:59 GMT

EUR/USD - 1.4721..The single currency rallied last week on the back of the broad-based selloff in dlr n also active cross buying in euro esp vs gbp, as economic data out of the U.S. n U.K. implied better yield differentials in the future between eurozone n those two countries.

Looking at the bigger picture, euro's upmove fm 1.4310 has already retraced over 61.8% r of the entire decline fm this year's record high at 1.4968 (1.4717) n abv 1.4751 (Dec 11) wud extend gain to 1.4800 n then1.4842/59 (80.9%r of 1.4968-1.4310 n res) but only a breach of 1.4908 (Nov 27) wud indicate MT uptrend has 'finally' resumed, bring eventual re-test of aforesaid top n then twds the psychological 1.5000 lvl. Below 1.4640 (prev. res) wud signal a temp. top is in place n yield correction to 1.4592, however, break of 1.4506 (prev. res) is needed to indicate aforesaid rise fm 1.4310 has possibly ended.

Today, although upmove has once again resumed, bearish divergences on hourly oscillators shud cap upside below 1.4800 n yield retreat, a breach of 1.4663 (Friday's NY low) wud bring pullback to 1.4640 1st...

Is it best to stay away from the market on New Years day due to reduced trading or does it make no difference?

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Good question...I've shut down trading for this week and last just to take a break.

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