Thursday April 21, 2005 - 08:50:56 GMT
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Forex Morning Meeting - European Session, 21/4/2005
Good morning everyone from FXstreet.com. The Crude is holding above $53 for now. In the US stock markets, the Dow Jones Industrial Average closed around 10.000, a pshychological level that is tested once again.
Forex Technicals at a glance
Euro/Usd: At the time of this writing, the pair is trading around the 1.3075 level. We are in a very important trading moment. The long uptrend line that we can draw from 2002 lays today around current levels, plus having the 50-day simple moving average only slightly above it, around 1.3085. The moving average has been tested, but pair lacks enough momentum to break it for now. As stated in previous reports, while EUR holds below 1.3150, the bullish momentum won’t be significant. If we break above that level, we may test the downtrend line from alte december, 2004, which is situated today around 1.3350. The 20-day moving average is turning north and dollar bulls wouldn’t like an eventual cross to the upside.
Moving averages overview: EUR has its 200-day moving average today at 1.2812. 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 Positive – no signal (flat). Indicators watch-level 2: EUR Neutral.
Gbp/Usd: At the time of this writing, the pair is trading around the 1.9155 level. Pair tested the trendline from december 2004, and failed to close above it. While it is capped by that trendline and despite being above both moving averages, it looks poised to further weakness. Ideally, dollar bulls would like the pair to be below 1.90 again, far from it at the moment.
Moving averages overview: GBP has its 200-day moving average today at 1.8616. Pair has a bearish cross now from the short moving averages. Pair is above both moving averages 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 1.1790 level. Pair has broken the 50-day moving average on the downside, and it is in no man’s land at this moment, only a break above 1.20 or below 1.16 will clearify the view. Disappointing price action when it looked to be a reversal in place by the dollar bulls several sessions ago.
Moving averages overview: USD has its 200-day moving average today at 1.2042. Pair has confirmed a bullish moving averages cross, but is below them both now.
Indicators watch: Indicators watch-level 1 (signal generator): USD Neutral - no signal – (flat). Indicators watch-level 2: USD Neutral.
Eur/Gbp: At the time of this writing, the pair is trading around the 0.6840 level. Pair has found a very strong base around the 0.68 level and looks good to test the 20-day moving average. However, important to note that the 20-day moving average has crossed the 200-day on the downside, which is a clear bearish signal. The 50-day also looks to cross the 200-day soon.
Moving averages overview: Pair has its 200-day moving average today at 0.6878. Pair has a bearish cross now by the 20-day moving average to the 200-day one.
Indicators watch: Indicators watch-level 1 (signal generator): EUR Neutral-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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