Thursday April 14, 2005 - 08:46:14 GMT
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Forex Morning Meeting - European Session, 14/4/2005
Good morning everyone from FXstreet.com. The Crude oil closed around $50.50 yesterday, slipping over $2 again. In the US stock markets, the Dow Jones Industrial Average closed around 10.400, loosing back and looking to threat the support area again.
Forex Technicals at a glance
Euro/Usd: At the time of this writing, the pair is trading around the 1.2870 level. Yesterday we had the same price action as the day before. The dollar surged after worse-than-expected data, but gains were limited and the single currency managed to hold back. However, this time the counter move was also limited (confirming the lower highs trend in the last sessions) and we have the pair diving today below 1.29 again, with the 200-day moving average still looking as a reasonable place to be visited in the coming sessions. Its magnet, situated today at 1.2794, looks strong enough to attract price action if the 20&50-day moving averages are not violated. Current trend remains bearish and only a move above 1.31 negates this view.
Moving averages overview: EUR has its 200-day moving average today at 1.2794. Pair has a bearish cross by the shorter moving averages.
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 1.8875 level. Pair has attempted, again, to break the 50-day moving average, unsuccessfully. That exposes the british currency to further weakness against the greenback, and we will have the confirmation if the 20-day moving average is broken on the downside again. The 200-day magnet is far from current levels, but nothing can’t be ruled out at the moment.
Moving averages overview: GBP has its 200-day moving average today at 1.8603. Pair has a bearish cross now from the short moving averages. Pair is above 20-day moving average now.
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 1.2050 level. Is this the final attempt and the break of the 200-day simple moving average is next? Well, it really looks like it. The 20-day moving average has been supporting the pair so well all this move and it has stopped any rejection from the big magnet, providing the uptrend with a strong support, which definitely is attracting longers to jump in this train. I think that if we break it this time, it will be the good one. Only a break below 1.1950 would negate this view.
Moving averages overview: USD has its 200-day moving average today at 1.2055. Pair has confirmed a bullish moving averages cross.
Indicators watch: Indicators watch-level 1 (signal generator): USD Neutral - no signal – (flat). Indicators watch-level 2: USD Negative.
Eur/Gbp: At the time of this writing, the pair is trading around the 0.6820 level. More downside near the 0.68 support level in the pair. It has recovered some ground, and some bullish signals coming from the intraday timeframes may lift the pair for a while. However, while below 0.6890 it looks poised for more downside.
Moving averages overview: Pair has its 200-day moving average today at 0.6874. Pair has a bearish cross now from the short 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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