Monday July 18, 2005 - 11:16:20 GMT
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Indecisive moves among the european majors
Good morning everyone from FXstreet.com. Stock exchange indexes remain firm and look poised for attempting higher levels in coming sessions. Crude Oil is traidng around $58/bbl and we expect the $56/$54 level to print anytime soon.
Forex Technicals at a glance
A bit of indecision today at the opening of the European Session, after the good dollar rally on Friday and the also not bad counter-move in overnight’s asian session. GBP is the losing currency across the board so far, and that is making the EUR/GBP to threaten again the key 0.6920 fibo level, which for now has capped the single currency’s momentum. However, the euro is not much safer than the pound though it remains attractive while above 1.20, where stop orders are not likely to come into play. We are either in a trading range (1.2215-1.1880) or yet to really establish one. Some comment on the 1.23-1.17 new trading range establishment. Well, we will see ... One thing to bear in mind is that with the current volatility times, hit and run trades are favoured instead of trying for the big move (which can lead in fact to a big killing! move if prices go against the initiated position). Technical indicators (as always when a strong trend is established) are facing difficul times to provide with clear and reliable trading signals, thus leadig to confusion most of the time. However, when the new trading range is finally etablished, they presumably will come to normal records.
Trading Tips: This still is a valid view: EUR/CHF presents a good risk/reward ratio for establishing long chf positions. If the uptrend channel’s barriers prove to be valid magnets to the price action, initial target would be around 1.5520.
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