Wednesday February 16, 2005 - 09:59:18 GMT
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Forex Morning Meeting - European Session, 16/2/2005
Good morning everyone from FXstreet.com. The Crude oil is trading around the $47.4 level, a bit down with respect to yesterday’s levels. In the US stock markets, the Dow Jones Industrial Average moved up again breaking 10.800 level and closing around 10.840.
Forex Technicals at a glance
Euro/Usd : At the time of this writing, the pair is trading around the 1.3015 level. Pair has tried to break the 50-day moving average, no success for now. If that moving average is broken on the upside, the EUR would still have to face the 38.2% fibonacci retracement level of the current downleg, more or less around 1.31. I expect good selling opportunities around the presented levels, but always keeping an eye to an eventual break, which could be violent.
Moving averages overview : EUR has its 200-day moving average today at 1.2600. 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 and has tested the 50-day.
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 1.8915 level. Pair is testing the 50% fibonacci retracement level of the current upleg, but it is trading far way up of the 20 & 50-day moving averages. 1.9075 is the next selling level offering a good risk/reward ratio and only a dip below 1.8750 (highly unrealistic at least for now) wil resume the bearish trend for the pair.
Moving averages overview : GBP has its 200-day moving average today at 1.8449. We have the 20-day moving average cross the 50-day on the down for some time now. Pair is above the 20-day & the 50-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 1.1885 level. Again it moved to prefection after breaking the 20-day moving average, and it is now testing the 38.2% fibonacci retracement level of the current upleg. It has also tested the 50-day moving average, which has provided some real support for now. If pair is unable to break above the 20-day again, it looks poised for an eventual break down.
Moving averages overview : USD has its 200-day moving average today at 1.2199. The 20-day holds above the 50-day after the bullish cross a few days ago. Pair is below the 20-day now and has tested the 50-day support.
Indicators watch : Indicators watch-level 1 (signal generator) : USD Negative (no signal). Indicators watch-level 2: USD Negative.
Eur/Gbp : At the time of this writing, the pair is trading around the 0.6875 level. I will wait for any definition on the pair to make any technical comments, it is trading on a very narrow range lately.
Moving averages overview : pair has its 200-day moving average at 0.6826 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.
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