Updating time : 11/03/2008 00:04 GMT

EUR/USD - 1.5353...Euro rose briefly to 1.5407 in Australia y'day b falling on the back of Trichet's comments regarding forex n price briefly penetrated 1.5313 (Friday's low) by one tick b4 recovering fm 1.5312 on dlr's broad-based weakness (in line with a 153-point decline in the Dow).

Despite y'day's recovery fm 1.5312, if our view that a temporary top has been formed last week at 1.5465 (this record high was made after the release of Friday's weak U.S. non-farm payrolls figure) is correct, then 1.5407 (res n 61.8% r of 1.5465-1.5312) shud cap upside n yield another decline, a break below 1.5312 wud signal correction of uptrend is under way n extend to 1.5267 (61.8% r of 1.5145-1.5465) but 1.5203 (38.2% r of 1.4778-1.5465) wud hold n bring another upmove 'later'.

Therefore, selling again on recovery for day trade is cautiously favoured but readers shud be prudent n take profit on next fall. Abv res at 1.5407 wud risk further gain to 1.5435/40 but break of 1.5465 is needed to extend uptrend twds the 'psychological' 1.5500 lvl...