Monday April 25, 2005 - 09:31:41 GMT
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Forex Morning Meeting - European Session, 25/4/2005
Good morning everyone from FXstreet.com. The Crude is trading around $55.75 now, strengthening further as the geopolitical concerns grow. In the US stock markets, the Dow Jones Industrial Average closed around 10.150, after a bit of profit-taking.
Forex Technicals at a glance
Euro/Usd: At the time of this writing, the pair is trading around the 1.2980 level. The single currency is weakening as I write thsi report. More than anticipated in previous reports, the unsuccessful attempt to regain the long-term trend (breaking and staying above 1.3150), has led the pair to dip towards the 1.2950 support area yet once again. This time, the level will be supported by the 20-day moving average, but presumably it won’t hold much longer. The 200-day moving average looks to be the real test of the current move.
Moving averages overview: EUR has its 200-day moving average today at 1.2825. 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-Negative.
Gbp/Usd: At the time of this writing, the pair is trading around the 1.9090 level. Clear disappointment among the pound bulls, after the unsuccessful attempt to break the current downtrend line. Further weakness can’t be ruled out in the pair, due to the good risk/reard ratio that the bearish positions may incur in at this point. Below 1.89 pair is definitely very bearish.
Moving averages overview: GBP has its 200-day moving average today at 1.8627. 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 Negative.
Usd/Chf: At the time of this writing, the pair is trading around the 1.1895 level. Pair is breaking back up the 50-day moving average, with the 20-day in sight. What this upmove proves is that from mid March we can draw a second uptrend line in the pair, providing some extra support to USD bulls, who are definitely ruling the market at the moment. Further gains to the 200-day simple moving average can’t be ruled out.
Moving averages overview: USD has its 200-day moving average today at 1.2032. Pair has a bullish moving averages cross and now it is only below the 20-day moving average.
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 0.6790 level. The bearish tone given by the negative crosses on the moving averages are definitely driving the pair to lower levels at this stage. The 50-day moving average is just about to cross the 200-day on the downside, and that will be very bearish for the pair.
Moving averages overview: Pair has its 200-day moving average today at 0.6881. Pair has a bearish cross now by the 20-day moving average to the 200-day one and almost a negative cross by the 50-day to the 200-day.
Indicators watch: Indicators watch-level 1 (signal generator): EUR Neutral (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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