Thursday March 31, 2005 - 09:38:55 GMT
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Forex Morning Meeting - European Session, 31/3/2005
Good morning everyone from FXstreet.com. The Crude oil closed around $54.25 yesterday, almost unchanged with previous closing levels. In the US stock markets, the Dow Jones Industrial Average closed around 10.540, rebounding as expected ahead of the good support around 10.375.
Forex Technicals at a glance
Euro/Usd: At the time of this writing, the pair is trading around the 1.2955 level. Narrow range trading for the past 2 sessions, with the market awaiting tomorrow’s key NFP data. The pair, however, is just below of the uptrendline that can be drawn from september, 2004, and that may cause further weakness and make the 200-day simple moving average to play a key role in the trading.
Moving averages overview: EUR has its 200-day moving average today at 1.2744. Pair is trading below the 2 moving averages (20&50), though they still hold a bullish cross despite they are turning south.
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 1.8810 level. Pair has gained some momentum but its moving averages look poised for an eventual cross in coming sessions, should the price action remain below 1.91. The 200-day simple moving average magnet looks as the key play if the price continues to move south.
Moving averages overview: GBP has its 200-day moving average today at 1.8572. 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 1.1960 level. Uncertainty continues for now as we move close to tomorrow’s key data. Moving averages look good for an upside / bullish cross, but to confirm it price will have to finally break the great 200-day simple moving average on the upside.
Moving averages overview: USD has its 200-day moving average today at 1.2085. 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 0.6885 level. Still holding the bullish cross but moving south and threatening on a break below the 200-day simple moving average. Only a move above 0.6950 resumes the upward momentum.
Moving averages overview: pair has its 200-day moving average at 0.6864 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 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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