Thursday September 8, 2005 - 11:17:42 GMT
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Forex Morning Meeting - European Session Report
Good morning everyone from FXstreet.com. Crude Oil down to below $65, in another $1+ downmove after the highs seen some days ago. DJIA index closed above 10.600.
Forex Technicals at a glance: The Eur/Usd today
Pair trading barely above the 1.24 level, which was tested yesterday around mid-US session. If we calculate the fibo lines for the entire move down from 1.36+ to 1.19-, we clearly see that the euro rise was just halted in the 38.2% retracement level of that downleg, which is just above the other fibo level for the 1.34+ - 1.19- period. Putting it simple, pair faced a very tough area around 1.2540-1.2585, which was too much for the bulls at this time, who finally gave up supporting the pair at those levels, leading to the current 180 pip move down from last week’s highs. It is, however, still above the shorter SMA’s (10 & 20), but the eal support area will come around 1.23-1.2340. If that are gives up, then there is a serious threat for the long positions. Longs are only recommended around that area to have better odds than any other attempt at this point. Shorts are in no man’s land at the moment so I honestly do not advise to enter (if you did not short at the 1.2540-80 area) at this point, since we are clearly in no man’s land, yet still in a bullish channel. Indicators aren’t also unified, reinforcing the “stand aside” view.
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. Last daily close: 0.9107.
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