Thursday March 17, 2005 - 10:02:42 GMT
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Forex Morning Meeting - European Session, 17/3/2005
Good morning everyone from FXstreet.com. The Crude oil closed around $57 yesterday, breaking levels on the upside and not confirming the bearish signals for now. In the US stock markets, the Dow Jones Industrial Average closed around 10.635, sliding further as presented according to the bearish signals it was giving on a daily-basis.
Forex Technicals at a glance
Euro/Usd: At the time of this writing, the pair is trading around the 1.3390 level. Pair is finding hard to stay above 1.34, and looks quite indecisive for the moment. The dynamic support is found today around 1.33, not far from current levels, so keep an eye on that level. 1.32 would act as the second good support area should the pair move to the downside.
Moving averages overview: EUR has its 200-day moving average today at 1.2715. We have the confirmation of a bullish cross by the moving averages, and pair is trading above them both.
Indicators watch: Indicators watch-level 1 (signal generator): EUR Neutral – no signal (flat). Indicators watch-level 2: EUR Neutral.
Gbp/Usd : At the time of this writing, the pair is trading around the 1.9225 level. Pair reacted to the upside on the test of the 20-day simple moving average, but is lacking further strength to keep breaking through and we find dynamic support around 1.9150 today. Pair is indecisive for some days now.
Moving averages overview: GBP has its 200-day moving average today at 1.8550. 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 1.1545 level. Pair has halted the last downmove for now, but as I said yesterday, it needs to break and consolidatea bove 1.1650-1.17 to gain momentum. We find some dynamic support around 1.15, while resistance is found around 1.1615.
Moving averages overview: USD has its 200-day moving average today at 1.2103. 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 0.6955 level. Almost unchanged with respect to yesterday’s levels and not much more to add. Moving averages get close to each other and look poised for a cross, but momentum for the pair looks to be disappearing, so further weakness can’t be ruled out.
Moving averages overview: pair has its 200-day moving average at 0.6851 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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