Friday April 22, 2005 - 08:44:53 GMT
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Forex Morning Meeting - European Session, 22/4/2005
Good morning everyone from FXstreet.com. The Crude is trading around $54.35 now, edging a bit higher in the current geopolitical environment. In the US stock markets, the Dow Jones Industrial Average closed around 10.220, with a very strong rebound from the 10k level.
Forex Technicals at a glance
Euro/Usd: At the time of this writing, the pair is trading around the 1.3055 level. The single currency tried yesterday to break the 50-day moving average and to enter into the preevious long-term uptrend line, but clearly failed to do so, provinding that the current upleg is more a USD mild-bears play rather than truly a EUR-bullish players’ game. While the pair trades below 1.3150 it remains vulnerable and lacking enough momentum to really push further up. Today’s trading day can set the definition of this current uncertainty and provide clear signals for the near future.
Moving averages overview: EUR has its 200-day moving average today at 1.2816. 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 1.9125 level. Pair tested the downtrend line around 1.92 and clearly failed to clear it out. Therefore, unless the price action drivest he pair above 1.9250, we may be seeing some weakness in the pair.
Moving averages overview: GBP has its 200-day moving average today at 1.8620. 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 1.1810 level. Pair is still trading below the 50-day simple moving average, therefore the disappointment that may come from the price action in this pair may refrain new USD longs to join the boat. However, with yesterday’s bullish move (some kind of a reversal candle formed), we can draw a trendline with mid-march lows. Still yet to see it that trendline will hold, but it has its dynamic support around 1.1750 today. If broken, big support comes around 1.16. Looking for bulls entry levels, they come around 1.1980/1.20.
Moving averages overview: USD has its 200-day moving average today at 1.2039. Pair has 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 0.6830 level. Good upmove yesterday. The 0.68 support looks a strong one now. However, price action was unable to break the 20-day simple moving average, therefore we can’t rule out further weaknes for the pair. 50-day moving average is getting closer to the 200-day, and if there finally confirm the bearish cross, that will certainly be negative for the pair.
Moving averages overview: Pair has its 200-day moving average today at 0.6880. 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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