Friday April 15, 2005 - 08:13:17 GMT
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Forex Morning Meeting - European Session, 15/4/2005
Good morning everyone from FXstreet.com. The Crude oil closed around $51 yesterday, recovering a bit of ground but still looking weak while below $53. In the US stock markets, the Dow Jones Industrial Average closed around 10.275, breaking strong supports and looking poised for further weakness in coming sessions.
Forex Technicals at a glance
Euro/Usd: At the time of this writing, the pair is trading around the 1.2835 level. The test of the 200-day simple moving average magnet, that we considered as inevitable, finally happened. The EUR dipped down it, but quickly regained it and it is now safely trading above it, but the warning signal has already appeared. Today’s economic data can confirm this view and definitely break the magnet on the downside, accelerating the selling pressure on the pair. The moving averages are offering at this moment more clear signals than the indicators, which remain quite neutral on the pair.
Moving averages overview: EUR has its 200-day moving average today at 1.2796. 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 1.8820 level. The british currency is barely holding above the 20-day moving aveage, after having been rejected by the 50-day moving average in previous sessions. The attempt to test the 200-day magnet, though far, looks probable at this stage, but first, the break of the shortest moving average is needed.
Moving averages overview: GBP has its 200-day moving average today at 1.8604. 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 1.2105 level. Acting as the leader in currency trading these days, the USD has already broken the 200-day moving average magnet on the upside, and it is safely trading above it at the moment. If it holds in the following sessions, it will be marking a trend reversal on a daily basis. The indicators look quite neutral on the pair, therefore not much can be added at this point.
Moving averages overview: USD has its 200-day moving average today at 1.2054. 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 0.6815 level. Pair tested and held the 0.68 level, as widely expected. There is some strength in the pair if we look at the shorter timeframe charts. However, we have a bearish cross confirmed today by the moving averages.
Moving averages overview: Pair has its 200-day moving average today at 0.6875. Pair has a bearish cross now from the short moving averages confirmed today.
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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