Updating time : 28/11/2007 00:42 GMT

EUR/USD - 1.4838...Although euro retreated fm 1.4884 to 1.4815 ahead of the release of German Ifo data in European morning session y'day, the single currency then rebounded after the index turned out to be stronger-than-expected, price then ratcheted higher n rose strongly to 1.4909 at NY opening after triggering stops at 1.4890/00. However, euro later declined sharply to 1.4809 later on due to a 200+ point rally in the Dow.

Euro's y'day's fall to 1.4809 suggests further choppy trading below last
week's record high at 1.4968 is in store but a break of previous sup at 1.4784
is needed to signal a correction of recent upmove is under way, extend weakness twds 1.4745 (natural half retracement of the intermediate rise fm 1.4521-1.4968) but 1.4726 (prev. res) shud limit downside.

On the upside, abv 1.4909 (y'day's high) wud extend gain to 1.4930/35 but only a breach of aforesaid 1.4968 top wud confirm uptrend has resumed instead, then price wud head twd 'psychological' 1.5000 lvl b4 prospect of a correction later. In view of intra-day mixed outlook, we will stand aside initially but readers shud keep an eye out for any special daily updates...

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