Tuesday April 5, 2005 - 11:49:55 GMT
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Forex Morning Meeting - European Session, 5/4/2005
Good morning everyone from FXstreet.com. The Crude oil closed around $57 yesterday, after hitting $58+, but still with bearish signals coming from its indicators. In the US stock markets, the Dow Jones Industrial Average closed around 10.420, holding the mildly strong support for now.
Forex Technicals at a glance
Euro/Usd: At the time of this writing, the pair is trading around the 1.2810 level. The momentum for the pair is getting mroe and more bearish and soon we should see the real test of the 200-day simple moving average, which could definitely mark the change of the mid-long term trend.
Moving averages overview: EUR has its 200-day moving average today at 1.2774. Pair is trading below the 2 moving averages (20&50), though they still hold a bullish cross despite they now look poised for an inminent bearish 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 1.8735 level. Unchanged with respect to yesterday’s levels, with the moving averages almost crossing south today, marking the bearish momentum poised to continue in the coming sessions. Targets the 200-day simple moving average.
Moving averages overview: GBP has its 200-day moving average today at 1.8589. Pair is below both moving averages now and they look poised for an inminent bearish cross soon.
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 1.2135 level. It has finally broken the 200-day simple moving average, as expected and commented in previous reports. Moving averages almost crossing north today, and the bullish 1-2-3 formation looking good to be completed are very supportive for the strong upward momentum the pair is currently having.
Moving averages overview: USD has its 200-day moving average today at 1.2066. Pair is above both moving averages now and there is an inminent bullish cross.
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 0.6830 level. Pair is attempting a break of the last mildly-strong support situated at 0.6830 after breaking the strong one (0.6850) along with the break of the 200-day simple moving average. Despite movings’ bullish cross, pair looks weak now and further weakness can’t be ruled out. 0.6780 could be the next support area should the 0.6830 break.
Moving averages overview: pair has its 200-day moving average at 0.6868 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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