Thursday February 24, 2005 - 10:32:45 GMT
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Forex Morning Meeting - European Session, 24/2/2005
Good morning everyone from FXstreet.com. The Crude oil closed around $51.60 yesterday, still threatening to make new all-time highs. In the US stock markets, the Dow Jones Industrial Average took a breathe and closed barely below 10.675.
Forex Technicals at a glance
Euro/Usd : At the time of this writing, the pair is trading around the 1.3250 level. Pair is trading in the 1.32-1.3260 range for the past two sessions, keeping the 61.8% retracement level of the current downleg on target. If it doesn’t even reach that level, the momentum could be gone for the single currency, and we could be well having the second point for a downtrend line. Expect the selling pressure and a real battle betwen bulls & bears around that level.
Moving averages overview : EUR has its 200-day moving average today at 1.2631. 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 them both.
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 1.9040 level. The picture of the GBP has little changed since yesterday, but it has lost some momentum against the majors overnight, and after attempting to reach the last key fibonacci retracement level of the current downleg, it has slipped some 40 pips, but trading well above the 1.9 support for now. Selling pressure expected at the key fibo level.
Moving averages overview : GBP has its 200-day moving average today at 1.8482. 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 1.1605 level. The CHF is the leader currency among the majors so far these days, and it is proving it again today. Pair is weak at the moment and more now that it tried, tested and failed to break above the key 1.1660 level. Expect some decent buying around 1.1575-80 but would stay aside from the pair until, at least the 20-day moving average is broken on the upside again. If you have good risk tolerance, a break above the 50-day should be enough for a positive indication for the pair.
Moving averages overview : USD has its 200-day moving average today at 1.2170. The 20-day holds above the 50-day after the bullish cross a few days ago. Pair is below them both 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 0.6955 level. After breaking both the trendline (downtrend) and the 20-day moving average, and as it was expected, pair went up and it is now testing the 50-day moving average, a break of which could yield to a re-test of at least the 0.7 area. Longs favoured when that break happens and consolidates.
Moving averages overview : pair has its 200-day moving average at 0.6830 today. We have a bearish cross from the 2 moving averages but pair is trading above the 20-day now and testing the 50-day.
Indicators watch : Indicators watch-level 1 (signal generator) : EUR Neutral. 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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