Tuesday March 15, 2005 - 09:55:27 GMT
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Forex Morning Meeting - European Session, 15/3/2005
Good morning everyone from FXstreet.com. The Crude oil closed around $54.90 yesterday, recovering some grounds again and attempting all-time highs again. However, it is almost about to trigger bearish signals, so keep an eye on it. In the US stock markets, the Dow Jones Industrial Average closed around 10.805, and it has a bearsh signal confirmed now, interesting to see what will its price action be in the coming sessions.
Forex Technicals at a glance
Euro/Usd: At the time of this writing, the pair is trading around the 1.3355 level. First warning signs of weakness from the single european currency. Intraday bearish signals have been weighting in the pair so far. Elliotters (Elliot Wave followers) would consider this as the last pausing move before new highs are seen on the pair. From a purely technical point of view, that is perfectly possible, but one has to keep an eye on the uptrend line, which will act as the support for the current bullish run, and today sitting around 1.3250. Therefore, if the price action continues to be above the uptrend line, attempt for new highs is on cards, bearing in mind that the current uptrend channel has its top around 1.3610 today. Last thing to keep an eye on is the possible bearish signals that we could have in the near future, not confirmed now.
Moving averages overview: EUR has its 200-day moving average today at 1.2702. We have the confirmation of a bullish cross by the moving averages.
Indicators watch: Indicators watch-level 1 (signal generator): EUR Positive – no signal (flat). Indicators watch-level 2: EUR Neutral.
Gbp/Usd : At the time of this writing, the pair is trading around the 1.9120 level. After signaling the exit of the long position, the british currency looks weak for now. It is testing the 20-day simple moving average, and a break of it could drive the pair to a further slide towards the 1.9015 level.
Moving averages overview: GBP has its 200-day moving average today at 1.8540. 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 Negative – no signal (flat). Indicators watch-level 2: GBP Neutral.
Usd/Chf: At the time of this writing, the pair is trading around the 1.16 level. Its daily picture improves with yesterday’s price action. The USD shows some strength now, but only breaking 1.17 and 1.1850 would defnitely change the sentiment for the pair. However, it is remarkable that the technical picture, if closing and holding above 1.1650, will be very USD bullish.
Moving averages overview: USD has its 200-day moving average today at 1.2113. We have a bearish cross confirmation of the 20-50 day moving averages.
Indicators watch: Indicators watch-level 1 (signal generator): USD Neutral - no signal – (flat). Indicators watch-level 2: USD Neutral.
Eur/Gbp: At the time of this writing, the pair is trading around the 0.6980 level. Pair is stuck around the 0.6985 level, but momentum has eased a bit for now. However, moving averages look poised for an eventual cross in the coming sessions, but further weakness or loss of momentum can’t be ruled out for the pair. Locking in profits is the preferred strategy, new actions in the pair less desirable.
Moving averages overview: pair has its 200-day moving average at 0.6847 today. Pair is above both moving averages and looks poised for a possible cross on the upside soon.
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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