Thursday February 17, 2005 - 10:29:21 GMT
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Forex Morning Meeting - European Session, 17/2/2005
Good morning everyone from FXstreet.com. The Crude oil is trading around the $48.3 level, almost a buck higher with respect to previous day’s close. Looks like it is again poised for an attempt o the $50 resistance, helped by current geopolitical news coming from the Middle East. In the US stock markets, the Dow Jones Industrial Average barely moved after previous days’ gains and closed almost flat. We could see some downward pressure in coming sessions, as a result of profit-taking.
Forex Technicals at a glance
Euro/Usd : At the time of this writing, the pair is trading around the 1.3075 level. The single currency is just shy of the first fibonacci retracement level of the current downloeg, but still a bit far away from the 50-day moving average. That 50-day mving average level is key for USD bulls to hold if they want to keep the current USD momentum going. Intraday time frames suggest a correction in the pair, but one has to trade carefully, because if it climbs above the 1.3075 level it has a good deal of potential on the upside. The current sentiment for the EUR is mildly strong on a daily basis, therefore it is advisable to trade around solid resistances for the odds to be more in your favour.
Moving averages overview : EUR has its 200-day moving average today at 1.2606. 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 – no signal. Indicators watch-level 2 : EUR Positive.
Gbp/Usd : At the time of this writing, the pair is trading around the 1.8925 level. After attempting to go for the clearing of the 50% fibonacci retracement level of the current downleg, the british currency dipped down below the 38.2% level and it is currently fighting it. This level is also where we find the 50-day moving average, so a clear break of this key level could provide some very strong bullish sentiment on the pair.
Moving averages overview : GBP has its 200-day moving average today at 1.8455. We have the 20-day moving average cross the 50-day on the down for some time now. Pair is above the 20-day but just below the 50-day.
Indicators watch : Indicators watch-level 1 (signal generator) : GBP Positive (signaled long feb.11, 2005). Indicators watch-level 2: GBP Positive.
Usd/Chf : At the time of this writing, the pair is trading around the 1.1855 level. The Pair is fighting to stay above the first fibo retracement level of the current uptrend, but it is unable to do at the moment. If the level does not hold, a dip towards the 50-day moving average is likely, where we would have to see good buying support if the current USD-bull move wants to stay longer. A break of the 50-day moving average would negate current bullish view. In the shorter timeframes, however, we see some buying signals, whcich could lift the pair and make it re-gain momentum.
Moving averages overview : USD has its 200-day moving average today at 1.2195. The 20-day holds above the 50-day after the bullish cross a few days ago. Pair is below the 20-day now.
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 0.6905 level. I t is testing the downtrend line while trying to manage above the 20-day moving average. If it doesn’t break the trendline and moves below the 20-day moving average, we could see some decent dips in the pair.
Moving averages overview : pair has its 200-day moving average at 0.6827 today. We have a bearish cross from the 2 moving averages and pair is trading above the 20-day now.
Indicators watch : Indicators watch-level 1 (signal generator) : EUR Neutral –closing the short signal. 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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