Tuesday March 8, 2005 - 10:04:49 GMT
Share This Story
FXstreet.com - www.fxstreet.com
Forex Morning Meeting - European Session, 8/3/2005
Good morning everyone from FXstreet.com. The Crude oil closed around $53.35 yesterday, flat with respect to last closing level, but with indicators showing weakness and that could drive the price to the $50 support. In the US stock markets, the Dow Jones Industrial Average closed around 10.935, unable to test the 11.000 level for now, and closing with a mildly negative candle.
Forex Technicals at a glance
Euro/Usd: At the time of this writing, the pair is trading around the 1.3245 level. Pretty much unchanged with the current tone it is showing, trading in its 300 pip range, and unless we have a break either way we will keep on seeing this back-and-forth moves. However, bear in mind that today we have the confirmation of the bullish cross from the shorter moving averages, so they will act as support for now, and to resume the bear trend they should be broken first.
Moving averages overview : EUR has its 200-day moving average today at 1.2677. We have the confirmation of a bullish cross by the moving averages.
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 1.92 level. Not much more to talk with respect to the GBP price action. Closing above 1.93 is very bullish, for now it is consolidating gains, proving the moving average cross a right one on the upside.
Moving averages overview : GBP has its 200-day moving average today at 1.8523. We have the confirmation of the 20-day crossing the 50-day on the upside for some 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 1.1715 level. Pretty much unchaged with respect to yesterday’s levels, though we have the bearish moving averages cross confirmation today, so let’s be aware of this situation. Only above 1.19 negates the current bearish tone and resumes the weekly bullish view.
Moving averages overview : USD has its 200-day moving average today at 1.2131. We have a bearish cross confirmation of the 20-50 day moving averages today.
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 0.6895 level. Unable to break above 0.69 again yesterday, moving slightly below of that level, but holding above the 20-day moving average, so for now its tone keeps quite neutral.
Moving averages overview : pair has its 200-day moving average at 0.6840 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.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."