Wednesday February 9, 2005 - 09:48:17 GMT
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Forex Morning Meeting - European Session, 9/2/2005
Good morning everyone from FXstreet.com. The Crude oil is trading around the $45.4 level, almost unchanged with respect to yesterday’s levels, and still threatening the $45 support. In the US stock markets, the Dow Jones Industrial Average traded again in a very narrow range, but managed to close above the 10.700 level for the third straight day.
Euro/Usd : At the time of this writing, the pair is trading around the 1.2775 level. Pair is holding above the 1.2730 support, and trading sideways keeping an eye on tomorrow’s economic data (US trade balance), which in current days is a real market shaker. Intraday indicators show the possibility of a rebound for the single currency, however longer term magnets (200-day moving average for example) seem to be ready to play a key role for the next moves.
Moving averages overview : EUR has its 200-day moving average today at 1.2563. We have a bearish cross from the 2 shorter moving averages for some time now, with the 20-day down the 50-day.
Indicators watch : Indicators watch-level 1 (signal generator): EUR Negative. Indicators watch-level 2 : EUR Neutral.
Gbp/Usd : At the time of this writing, the pair is trading around the 1.8575 level. Pair is trading in spikes intraday, but the daily range is being very limited for the past 2 days. It tried to break current support around 1.8520, but regained the level quickly and now is trading safely above it. Intraday sutdies showed yesterday an oversold status for the currency and we there have the reason why the pair is trading and holding arouond current levels, and further gains can’t be ruled out.
Moving averages overview : GBP has its 200-day moving average today at 1.8412. We have the 20-day moving average cross the 50-day on the down for some time now. Pair is below both of them again.
Indicators watch : Indicators watch-level 1 (signal generator) : GBP Negative. Indicators watch-level 2: GBP Neutral.
Usd/Chf : At the time of this writing, the pair is trading around the 1.2180 level. After showing itself unable to break the 200-day moving average, pair is trading sideways-to-the-downside. A move towards the 20-day moving average can’t be ruled out before attempting the break of the 200-day. However, it would be better if pair trades above 1.2050, to keep its current bullish tone. I think we will see an answer to these doubts tomorrow with the release (at 1:30pm GMT) of the US trade deficit.
Moving averages overview : USD has its 200-day moving average today at 1.2235. 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 0.6855 level. We haven’t yet seen a good move on the upside, after the test of the 0.6850 level. It could weel be broken if tested again. Just to remmeber this is a good support now, and, if broken, the 200-day moving average should be the next to be tested.
Moving averages overview : pair has its 200-day moving average at 0.6819 today. We have a bearish cross from the 2 moving averages.
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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