Friday March 11, 2005 - 10:22:28 GMT
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Forex Morning Meeting - European Session, 11/3/2005
Good morning everyone from FXstreet.com. The Crude oil closed around $52.80 yesterday, sliding further as we presented yesterday because of the weakness that its daily indicators are showing. In the US stock markets, the Dow Jones Industrial Average closed around 10.850, ecovering some ground, but keeping an eye on the 10.790 level which if broken could lead to a further selloff.
Forex Technicals at a glance
Euro/Usd: At the time of this writing, the pair is trading around the 1.3415 level. Barely changing from yesterday’s levels, and awaiting for the big economic event of the day, the International Trade Balance number which is due out at 1:30PM GMT. Not much more to comment with respect to the view presented yesterday, just keeping an eye to warning signs that are appearing from daily indicators and that could lead to some price action surprises.
Moving averages overview : EUR has its 200-day moving average today at 1.2694. 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 1.9180 level. The GBP is weak against the other european currencies and it is also going down against the USD. The picture obviously will be more clear after the key economic data release, therefore a deeper analysis is due after that. Longs should be protected in light of this current weakness, but not covered, just in case the british currency surges after data.
Moving averages overview : GBP has its 200-day moving average today at 1.8536. 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 1.1560 level. It has triggered long signals on the intraday charts, but the daily picture still looks gloomy while below 1.1850. However, and as I have said in previous reports, the USD is not done yet, so let’s see what next sessions have to offer.
Moving averages overview : USD has its 200-day moving average today at 1.2118. We have a bearish cross confirmation of the 20-50 day moving averages for 2 days 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 0.6990 level. Longs keep dominating the situation and the pair is poised to a test of the 0.7030 resistance. Protecting and locking in profits as we move forward is the best strategy to go, with the moving averages playing the support role in a decisive way at the moment.
Moving averages overview : pair has its 200-day moving average at 0.6842 today. Pair is above the 20 moving average and just shy below the 50-day simple moving average.
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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