SIDELINED; AWAIT CLEARER SIGNAL. EUR/USD ]]> EUR/USD € The complete lack of follow through from € bullish close has once again put the pressure back on the downside and reaffirms the strength of the bearish trend. New Zealand Dollar rolls over to trade back below 0.5000.

Dollar/Cad well supported ahead of 1.2700. Dollar/Yen Puts in Bearish Outside Day (Daily Classical) Euro shows no follow through from € bullish close.

Look for a near-term break back below 1.2455 (4Mar low) which should accelerate declines towards the key trend lows at 1.2330 (28Oct lows). Dollar/Swiss still confined to choppy range trade. Cable trades lower but puts in higher high and higher low. Australian Dollar well offered in the 0.6500 area. Level Resistance Details 1.2800 R3 Figure 1.2755 R2 20-Day SMA 1.2680 R1 3/3 high Level Support Details 1.2515. Dollar/Yen puts in bearish outside day.

Any rallies are seen well capped by the 20-Day SMA (1.2745) which has acted as a formidable ceiling on a close basis for the entire 2009.