Thursday September 1, 2005 - 10:21:32 GMT
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Forex Morning Meeting - European Session
Good morning everyone from FXstreet.com. After a month of recess, we are back with our european session report. August has finished with the market eyeing again the vrude oil imparable rise, this time due to the katrina hurricane disaster. It has been said that around $30b will be needed to recover the area, which could be a big weigh to the US economy.
Forex Technicals at a glance
Disappointing PMI number (48 .. when the expected was 61) triggered major buy orders against the USD, which resulted in a 100+ rally in the majors. The euro is currently testing the 1.2380 resistance area, which marks the 73.6% fibo level of the last downleg, a level that should attract a good deal of sellers despite the current rise in its value. With this week full of economic news, certainlyl antyhing can happen. And what ‘s more important, what will happen will really be crucial to the market. It is generally known that september marks the trend of the next months, and it looks as it is going to happen again this time. Short timeframe indicators suggest that the current rally may pause a little at current levels, even going a bit down. What it is uncertain is what will happen with the economic news, therefore any analysis has to be done in the most cautious way. So the best advice for the rest of this week is to trade light and don’t stick to just one view, since things can happen in a matter of just hours. Taking a bit of a breathe and let the situation to settle down is a wise option too.
Trading Tips:Aud/Cad presents a good technical picture for the establishment of long Aud positions on a daily basis. If the view proves to be right, target is situated at 0.9250.
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