Wednesday September 7, 2005 - 10:32:21 GMT
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Forex Morning Meeting - European Session Report
Good morning everyone from FXstreet.com. Crude Oil down to below $66, retracing further from its all-time highs at $70. DJIA index closed barely below 10.600.
Forex Technicals at a glance: The Eur/Usd today
The Eur/Usd pair is currently fighting to stay above the first fibo level (which was broken few days ago), the 38.2% one, of the previous downleg (1.3480-1.1867) situated around the 1.2480 level. As I said, after clearly breaking it, even on a daily closing basis, the pair has lacked momentum to continue the rally and has been capped by the upper line of the current uptrend channel. It is quite difficult to trade the pair as it is in no man’s land, and any advice has more or less the same odds to result in a win or in a loss. For a long position I would definitely wait for the 1.24-1.2350 range to be tested before entering the trade. For a short position I would wait for a new test of the upper line of the uptrend channel, mroe or less around 1.2650, which coincides with the 50% fibo reracement level of the previous downleg, which definitely means that some selling pressure should exist there. Anyway, we are in a bullish channel so until the lower line is broken, longs follow the current short-term trend and shorts are counter-trend trades. Indicators were yesterday more inclined to the short signal giving, today they are less inclined and therefore the “no-man’s-land” caution is needed.
Trading Tips & Alerts (you’ll find more detailed info on them in the Trading Corner chat room):
Aud/Cad: Long @ 0.9071 (sept 2), target 0.9225. Still presenting a decent bullish view.
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