Monday September 12, 2005 - 09:25:00 GMT
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Forex Morning Meeting - European Session Report
Good morning everyone from FXstreet.com. Crude Oil holds below $65, while DJIA index closed above 10.700. Crude Oil confirms to be trading within the uptrend channel, but not breaking above, which can serve as guidance for future resistance levels.
Forex Technicals at a glance: The Eur/Usd today
Pair has broken down and it is merely above 1.2300 at this moment. It has found some support around the 50-day EMA, though it is looking very weak at the moment. Furthermore, depending on how you draw the trendlines, we could have just broken it. As I draw it, the uptrend line is situated today arouond 1.2250. However, picture looks weak and despite we are in an uptrend channel, until we see the 1.24 cleared back up again the negative tone may prevail. The 10 and 20 EMA are pointing downwards and are pretty close to the 50-day, which could be a major sign of trend reversal if confirmed. Tiny longs can be tried with tight stops around the trendline, with an eye to protect profits if the pair moves up more than 100 pips. I canít stop saying that it might not be the best possible trade under current conditions. Indicators have confirmed the bearish signal for the pair, therefore this is clearly a technical trade of charticians against purely indicator-followers.
Trading Tips & Alerts:
Aud/Cad: Long @ 0.9071 (sept 2), target 0.9225 and beyond. Still presenting a decent bullish view. Last daily close (sept 9): 0.9121.
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