Thursday March 3, 2005 - 11:37:30 GMT
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Forex Morning Meeting - European Session, 3/3/2005
Good morning everyone from FXstreet.com. The Crude oil closed around $53 yesterday, and it is continuing to form a bullish formation that could take it above previous all-time highs.. In the US stock markets, the Dow Jones Industrial Average closed around 10.810, in the same yo-yo move for the past 4 sessions.
Forex Technicals at a glance
Euro/Usd: At the time of this writing, the pair is trading around the 1.3150 level. Not much technical action to comment from yesterday’s session. Same technical levels apply for today’s session. Market keeps an eye on to 1.33 and 1.3040 as key levels for the time being.
Moving averages overview : EUR has its 200-day moving average today at 1.2657. 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, fighting the 50-day.
Indicators watch : Indicators watch-level 1 (signal generator): EUR Positive – no signal. Indicators watch-level 2 : EUR Neutral.
Gbp/Usd : At the time of this writing, the pair is trading around the 1.91 level. Slightly lower with respect to yesterday’s levels, but nothing dramatic in its price action to be remarked. The only remarkable thing is the upside cross of the 20-day moving average to the 50-day.
Moving averages overview : GBP has its 200-day moving average today at 1.8507. We have the confirmation of the 20-day crossing the 50-day on the upside.
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 1.1750 level. Flat with respect to yesterday’s levels, therefore yesterday’s analysis apply, and same levels should be taken into consideration.
Moving averages overview : USD has its 200-day moving average today at 1.2147. 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 Positive.
Eur/Gbp : At the time of this writing, the pair is trading around the 0.6885 level. Pair broke the downtrend line again and it is now fighting to break the 20-day moving average. Break of the 50-day is needed for the bullish view to stay for some time.
Moving averages overview : pair has its 200-day moving average at 0.6835 today. We have a bearish cross from the 2 moving averages and pair is below them both, but it is fighting with the 20-day moving average for a possible break on the upside.
Indicators watch : Indicators watch-level 1 (signal generator) : EUR Positive – signaled long february,25-. 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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