Monday April 18, 2005 - 08:39:50 GMT
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Forex Morning Meeting - European Session, 18/4/2005
Good morning everyone from FXstreet.com. The Crude oil closed around $50 yesterday, testing the psychological level on its way down. In the US stock markets, the Dow Jones Industrial Average closed around 10.085, confirming the break of the strong support a bearish signal in place.
Forex Technicals at a glance
Euro/Usd: At the time of this writing, the pair is trading around the 1.2965 level. After escaping the break of the key 200-day simple moving average, pair is currently trading above the 20-day moving average and further gains to the 50-day one canít be ruled out. However, pair is currently in no manís land and swings up and down are to be expected unless key levels are definitely broken. Indicators are also mixed on the pair at this moment.
Moving averages overview: EUR has its 200-day moving average today at 1.2802. Pair has a bearish cross by the shorter moving averages. Pair is above 20-day moving average now.
Indicators watch: Indicators watch-level 1 (signal generator): EUR Neutral Ė no signal (flat). Indicators watch-level 2: EUR Neutral.
Gbp/Usd: At the time of this writing, the pair is trading around the 1.8960 level. Despite the current strength, the british curency is unable to break the 50-day moving average and failing to do so for the third time would expose it to considerable weakness. Like in the EUR case, we are in a bit of a no manís land with the pair and unless 1.92 is broken on the upside or the 200-day simple moving average in the downside, we wonít have a clear market direction for the pair.
Moving averages overview: GBP has its 200-day moving average today at 1.8608. 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 Ė no signal (flat). Indicators watch-level 2: GBP Neutral-Negative.
Usd/Chf: At the time of this writing, the pair is trading around the 1.1925 level. This pair is still puzzling me. For the second time we just saw the pair breaking up and breaking back down the 200-dsay simple moving average, in both cases by some distance. Pair is currently trading far below that level and 1.1850 looks as the next target on the downside. The funny thing is that this dump occurs when the 20-day moving average was just about to cross the 200-dsay on the upside, for a mid term bullish signal. Pair, in any case, has to hold above the 1.16 to stay on a positive sentiment.
Moving averages overview: USD has its 200-day moving average today at 1.2050. Pair has confirmed a bullish moving averages cross.
Indicators watch: Indicators watch-level 1 (signal generator): USD Neutral - no signal Ė (flat). Indicators watch-level 2: USD Negative.
Eur/Gbp: At the time of this writing, the pair is trading around the 0.6835 level. After holding the 0.68 support level, pair did advance up to 0.6840, where the moev has been halted for now. First mildly strong resistance level is found around 0.6865. We have slight bullish signal coming from the indicators watch level 1, which could help the pair to gain some momentum.
Moving averages overview: Pair has its 200-day moving average today at 0.6876. Pair has a bearish cross now from the short moving averages confirmed today.
Indicators watch: Indicators watch-level 1 (signal generator): EUR Positive (no signal). 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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