Monday February 14, 2005 - 09:02:59 GMT
Share This Story
FXstreet.com - www.fxstreet.com
Forex Morning Meeting - European Session, 14/2/2005
Good morning everyone from FXstreet.com. The Crude oil is trading around the $47.1 level, barely moving in Fridayís session. In the US stock markets, the Dow Jones Industrial Average kept on climbing and now is only 4 points below 10.800.
Forex Technicals at a glance
Euro/Usd : At the time of this writing, the pair is trading around the 1.2970 level. The trendline break finally arrived and pair is now fighting the 20-day moving average. Is trying to hold above the 1.2940 resistance, proving the break of the downtrend line a valid one. To do that, it should confirm the break with a clearing of the 20-day moving average and a moe above 1.30. That done, 1.3075 and the 50-day moving average are the most likely retracement points. Since daily trading strategy remains unchanged for now, I would suggest to at least wait for one of those levels to be touched or a move back down the downtrend line to adopt new positions.
Moving averages overview : EUR has its 200-day moving average today at 1.2588. We have a bearish cross from the 2 shorter moving averages for some time now, with the 20-day down the 50-day. Pair is now above the 20-day moving average.
Indicators watch : Indicators watch-level 1 (signal generator): EUR Positive. Indicators watch-level 2 : EUR Positive.
Gbp/Usd : At the time of this writing, the pair is trading around the 1.8815 level. Escaping the magnet of the 200-day moving average on a daily basis, exaggerated move followed it (as it usually happens) is now being done by the british currency. It is now exactly at its downtrend line, moving up following my indicatorís watch level 1 bullsih signal, and threating a break on the upside. It has broken the 20-day moving average on the upside, and the 50-day is next if the break is confirmed.
Moving averages overview : GBP has its 200-day moving average today at 1.8436. We have the 20-day moving average cross the 50-day on the down for some time now. Pair is above the 20-day now.
Indicators watch : Indicators watch-level 1 (signal generator) : GBP Positive (signaled long feb.11, 2005). Indicators watch-level 2: GBP Neutral-Positive.
Usd/Chf : At the time of this writing, the pair is trading around the 1.1985 level. The 20-day moving average is holding the USD from falling further against the swiss franc for now. If it does not hold, 1.19 is the next level to watch and from where to adopt bullish positions. The 200-day moving average proved to be too tough for the pair to break, and the sell-off that followed was more or less expected, but a sustained move to the downside could bring some real dark clouds to the current bright USD move.
Moving averages overview : USD has its 200-day moving average today at 1.2210. 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 Neutral (closing the long signal from december 30, 2004). Indicators watch-level 2: USD Negativel.
Eur/Gbp : At the time of this writing, the pair is trading around the 0.6895 level. More or less range-trading again and in no-manís land, and unless either 0.6850 or the 20 & 50 moving averages are broken we may well be seeing this uncertainty for some time. Dwontrend line comes in today around 0.6930, far from current levels.
Moving averages overview : pair has its 200-day moving average at 0.6825 today. We have a bearish cross from the 2 moving averages and pair is trading below them both.
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.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."