Monday February 21, 2005 - 09:55:34 GMT
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Forex Morning Meeting - European Session, 21/2/2005
Good morning everyone from FXstreet.com. The Crude oil is trading around the $48.4 level, continuing its up&down moves these days. In the US stock markets, the Dow Jones Industrial Average managed to close above the previous day’s close and ended arouond 10.790.
Forex Technicals at a glance
Euro/Usd : At the time of this writing, the pair is trading around the 1.3060 level. Trying but not being successful at breaking the 1.3085 level for now. If it does not move above it we may well see a deep correction for the pair. Expect selling pressure to increase if the pair trades near the 1.3150-3200 area.
Moving averages overview : EUR has its 200-day moving average today at 1.2612. 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 1.8970 level. The pair is holding above the 50-day simple moving average, and it will only turn bearish on a daily closing basis if it breaks down the 1.88 level again. On the upside, selling rpessure should increasea round 1.9035/50.
Moving averages overview : GBP has its 200-day moving average today at 1.8463. We have the 20-day moving average cross the 50-day on the down for some time now. Pair is above them both, though.
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 1.1835 level. We have holiday today in the US, so not much action should be expected in the currency markets. However, some surprises may happen, and wouldn’t be desirable for USD bulls to see a break of the 1.1775 level today, which is not mcuh far away from current levels. A break above the 1.20 level is needed for the pair to regain momentum.
Moving averages overview : USD has its 200-day moving average today at 1.2188. 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 0.6880 level. Unable to break up the current downtrend it has dipped again below the 0.69 level, closing again below the 20-day moving average. Dynamic support is found around 0.6870. EUR is with less momentum than GBP at this moment, and only a break above 0.6920 would change this view.
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 below them both now.
Indicators watch : Indicators watch-level 1 (signal generator) : EUR Neutral –closing the short signal. Indicators Wacth-level 2 : EUR Neutral-Negative.
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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