Friday March 4, 2005 - 10:15:26 GMT
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Forex Morning Meeting - European Session, 4/3/2005
Good morning everyone from FXstreet.com. The Crude oil closed around $53.50 yesterday, and it is continuing to form a bullish formation that could take it above previous all-time highs, within the current uptrend channel. In the US stock markets, the Dow Jones Industrial Average closed around 10.835, in the same yo-yo move for the past 5 sessions now.
Forex Technicals at a glance
Euro/Usd: At the time of this writing, the pair is trading around the 1.3125 level. Pretty much unchanged with respect to yesterday’s levels, with an eye to the key NFP NUMBER due out today 1:30pm GMT, which will definitely shake the markets out. Pair is currently staying below the 50-day moving average, fighting to move above it.
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 20-day, trying to moe above 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 1.9070 level. Same view for the GBP, which is trading slightly lower with respect to yesterday’s levels, but there is absolutely no definition in the pair, which is awaiting the key data due out later today.
Moving averages overview : GBP has its 200-day moving average today at 1.8508. We have the confirmation of the 20-day crossing the 50-day on the upside for 2 days 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 1.18 level. The USD is trying to regain its bullish momentum confirming its weekly bullish view, but yesterday’s gains have to be consolidated in today’s session if the momentum wants to prove itself as a strong one. Another positive thing is that pair has regained the 50-day moving average.
Moving averages overview : USD has its 200-day moving average today at 1.2148. The 20-day holds above the 50-day after the bullish cross a few days ago. Pair is below the 20-day one only.
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 0.6880 level. Pair escaped from entering the downtrend line again and it has the 20-day moving average in sight. However, to prove itself in good shape, and despite the long signals it is generating, a break above the 50-day moving average is needed.
Moving averages overview : pair has its 200-day moving average at 0.6835 today. Pair is below both 20 and 50-day simple moving averages.
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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