Thursday March 24, 2005 - 09:12:32 GMT
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Forex Morning Meeting - European Session, 24/3/2005
Good morning everyone from FXstreet.com. The Crude oil closed around $54 yesterday, down following its indicators bearish inidcations. In the US stock markets, the Dow Jones Industrial Average closed around 10.455, continuing its move down, but less actively than previous sessions.
Forex Technicals at a glance
Euro/Usd: At the time of this writing, the pair is trading around the 1.3010 level. Pair broke the 1.3015 level so easily in yesterady’s session, and the downmove was halted around 1.2960, where we find the uptrend from september 2004, which with this action is proving itself as a mildly important one for the coming sessions. Below of it we have the 200-day simple moving average awaiting as possible target for the next downmove. The moving averages look poised for a cross in coming sessions, the 20-day is starting to point down.
Moving averages overview: EUR has its 200-day moving average today at 1.2759. Pair is trading below the 2 moving averages (20&50), though they still hold a bullish cross.
Indicators watch: Indicators watch-level 1 (signal generator): EUR Negative – no signal (flat). Indicators watch-level 2: EUR Neutral.
Gbp/Usd: At the time of this writing, the pair is trading around the 1.8715 level. Further weakness for the british currency, which is currently in a free-fall, targeting the 200-day simple mving average. Upside momentum should be limited towards the 1.88 level for now. Moving averages moving down look poised for a bearish cross in coming sessions.
Moving averages overview: GBP has its 200-day moving average today at 1.8580. Pair is below both moving averages now.
Indicators watch: Indicators watch-level 1 (signal generator) : GBP Negative – no signal (flat). Indicators watch-level 2: GBP Neutral-Negative.
Usd/Chf: At the time of this writing, the pair is trading around the 1.1925 level. Rather disappointing move from the USD against the swiss franc, the only major which is still holding the 61.8% fibo retracement level of the previous downleg, and whose action we will have to monitor carefully to confirm the so bullish signals the USD was giving in previous sessions. Moving averages look poised for a bullish cross, but would be desirable to have the 1.960/75 level cleared out on a closing basis.
Moving averages overview: USD has its 200-day moving average today at 1.2073. Pair is above both moving averages now.
Indicators watch: Indicators watch-level 1 (signal generator): USD Positive - no signal – (flat). Indicators watch-level 2: USD Positive.
Eur/Gbp: At the time of this writing, the pair is trading around the 0.6955 level. Pair is paying to the bullish moving avearges cross, and looks strong enough now to attempt a break of the 0.6990 level, which would definitely be bullish for the pair, targeting at least 0.7040.
Moving averages overview: pair has its 200-day moving average at 0.6863 today. Pair is on a bullish cross by the 2 moving averages now.
Indicators watch: Indicators watch-level 1 (signal generator): EUR Neutral. Indicators Wacth-level 2 : EUR Positive.
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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