Tuesday February 1, 2005 - 10:07:58 GMT
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Forex Morning Meeting - European Session 1/2/2005
Good morning everyone from FXstreet.com. The Crude oil is trading around the $47.8 level, pretty sidewas these days. In the US stock markets, the Dow Jones Industrial Average closed just barely below 10.500, gaining some ground in an uncertain market.
Forex Technicals at a glance
Euro/Usd : At the time of this writing, the pair is trading around the 1.3040 level. It is quite boring to comment the same all over again in this pretty boring trading range (on a daily basis). Therefore, and as I have stated some times before, it is interesting to watch shorter time frames if any trading is wanted. To me, the daily picture is the real one, but looking the intraday time frames if one is a very aggressive trader, may help too. Keep an eye to daily fibo levels for finetuning entry and exit points and also key moving averages, Iím sure they will help. The EUR is shy below the 20-day moving average, keep an eye to that to see wheter it breaks on the upside or not, it may give valuable trend direction for the coming sessions, though the overall picture remains unchanged.
Moving averages overview : EUR has its 200-day moving average today at 1.2537. We have a bearish cross from the 2 shorter moving averages for some time now, with the 20-day crossing down the 50-day.
Indicators watch : Indicators watch-level 1 (signal generator): EUR Neutral, closing short position. Indicators watch-level 2 : EUR Neutral.
Gbp/Usd : At the time of this writing, the pair is trading around the 1.8805 level. The daily formation of the GBP, while above the 20-day moving average, is quite bullish, and due to the fact taht EUR has closed its short signal (indicators watch levle 1) and the GBP has been relatively strong the past sessions, it might lead to think we could see a test of the 50-day moving average. As you may know, Iím inclined to the opposite, and to a test of the 200-day moving average, but both the 50-day moving average and the current downtrend line which today lays around 1.8950, have to prove m y vision right and psuh the pair back down.
Moving averages overview : GBP has its 200-day moving average today at 1.8385. We have the 20-day moving average cross the 50-day on the down for some time now. Pair is above the 20-day, and it is currently trading between them.
Indicators watch : Indicators watch-level 1 (signal generator) : GBP Neutral. Indicators watch-level 2: GBP Positive, showing some strength for the currency for some time now.
Usd/Chf : At the time of this writing, the pair is trading around the 1.1905 level. Well, another day with the USD above the 20-day moving average, but well below the fibo key level for now. The technichal picture ramins in fairly good shape, and moving averages should serve as very strong support if a downmove occurs. In my opinion, the test of the 200-day moving average is on cards while pair trades above the shorter term movings.
Moving averages overview : USD has its 200-day moving average today at 1.2259. The 20-day holds above the 50-day after the bullish cross a few days ago. Pair is trading above them both.
Indicators watch : Indicators watch-level 1 (signal generator) : USD Bullish (signaled long on december 30, 2004). Indicators watch-level 2: USD Neutral.
Eur/Gbp : At the time of this writing, the pair is trading around the 0.6930 level. This is a very clear example of what I stated when talking about the Eur/Usd. Though it has broken, and it is unable to regain, the uptrend channel on a daily basis, pair has today recovered some ground with respect to yesterdayís levels. And a fairly good reason to taht is the bullish signals it had on shorter timeframes, which have provided very good lift and a bit of a relief for the moment.
Moving averages overview : pair has its 200-day moving average at 0.6815 today. The pair is below both its 50-day moving average and its 20-day one, and they are just about to make a bearish cross.
Indicators watch : Indicators watch-level 1 (signal generator) : EUR negative (signaled short on january, 10). Indicators Wacth-level 2 : EUR Neutral.
Indicators watch-Level 1 : Trend indicators Direction, providing some useful investment information.
Indicators watch-Level 2 : Momentum Indicators Direction (working in pairs), providing current market sentiment for the instrument.
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