Thursday April 7, 2005 - 08:27:01 GMT
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Forex Morning Meeting - European Session, 7/4/2005
Good morning everyone from FXstreet.com. The Crude oil closed around $56 yesterday, almost unchanged. In the US stock markets, the Dow Jones Industrial Average closed around 10.485, moving a bit higher.
Forex Technicals at a glance
Euro/Usd: At the time of this writing, the pair is trading around the 1.2930 level. Following some bullish signals, pair is rebounding today and looks quite firm against the greenback. Pair could rise up to 1.30, where we see a dynamic resistance laying today. However, the moving averages have crossed on the downside, and we should be having the confirmation of ths bearish cross tomorrow. Therefore, the selling pressure is likely to remain for quite a while in the pair now.
Moving averages overview: EUR has its 200-day moving average today at 1.2780. Pair has a bearish cross confirmed today.
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 1.8845 level. We have the bearish moving averages cross confirmation today. Pair is firm against the greenback but with this bearish cross we should see the selling pressure staying in the pair for some time.
Moving averages overview: GBP has its 200-day moving average today at 1.8594. Pair confirms today the bearish cross now from the short moving averages.
Indicators watch: Indicators watch-level 1 (signal generator) : GBP Neutral – no signal (flat). Indicators watch-level 2: GBP Neutral-Negative.
Usd/Chf: At the time of this writing, the pair is trading around the 1.1985 level. Puzzling situation in the pair. We have the confirmation of the bullish moving averages cross today, but pair is below the 200-day moving average and it is capped byt it at the moment. Unless a new break of it (and a sustained move above it), the upward momentum will be halted for now.
Moving averages overview: USD has its 200-day moving average today at 1.2062. Pair confirms today the bullish moving averages cross.
Indicators watch: Indicators watch-level 1 (signal generator): USD Neutral - no signal – (flat). Indicators watch-level 2: USD Positive.
Eur/Gbp: At the time of this writing, the pair is trading around the 0.6860 level. Good recovery of the strong 0.6850 level. However, pair is still trading below the 200-day moving average, which would mark the real recovery on the upside for the pair. Furthermore, it would need to regain the shorter moving averages to build-in upward momentum. However, the current rebound has halted the current short moving averages move, which was in the direction of a bearish cross. That also could be supportive for the pair.
Moving averages overview: pair has its 200-day moving average at 0.6870 today. Pair is on a bullish cross by the 2 moving averages.
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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