Tuesday September 6, 2005 - 09:40:36 GMT
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Forex Morning Meeting - European Session Report
Good morning everyone from FXstreet.com. Crude Oil down to below $67, retracing a bit from its all-time highs at $70.
Forex Technicals at a glance: The Eur/Usd today
The Eur/Usd pair is bouncing down after touching the upper band of the current uptrend channel, which more or less was situated around 1.26. I frankly expected some kind of price action penetrating that level before retracing, but the fact is that is off those highs by some distance now. While pair trades amnd closes above the 1.2320-1.2350 range on a daily basis, one should maintain a bullish view on the pair. Some daily oscillators present divergence with respect to the current uptrend on the pair, which is also weighting and could lead to a test of the mentioned range, which will also be supported by the fact that the 10-day SMA is above the 20-day SMA and both above the 50-day SMA, which implicates a positive tone in the pair. The lower band of the uptrend channel is around 1.2220, and while it remains intact, bearish trades have to be taken only as “counter-trend” trades and executed with extreme care.
Trading Tips: Aud/Cad remains on a positive tone, aiming for the big daily downtrend around 0.9225.
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