Tuesday September 13, 2005 - 09:48:52 GMT
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Forex Morning Meeting - European Session Report
Good morning everyone from FXstreet.com. Crude Oil holds below $64, while DJIA index closed just below 10.700.
Forex Technicals at a glance: The Eur/Usd today
As expected, any long positions were very risky at the moment, since pair is weak and lacks the momentum for any strong rebound. It currently is very close to the lower line of the current uptrend channel, which, if broken, it will definitely turn the situation to a bearish one. As it was commented in previous reports, daily indicators are not supporting the euro bullish view; instead, they have clearly signaled short positions to be taken on it. Yet again, the difficult choice of following indicators or charting lines shows up. Indicators won’t reverse its current bearish bias until 1.24 is cleared, so it would be wise either to reach that level, where longs will be “safer”, or to get the definite break of the 1.22 level, in which case 1.18 should be the next level to be reached. Bear also in mind that 1.2305 is now the 50-day EMA, and price is currenlty below it. Therefore, there we have the intermediate resistance that should be broken prior to any upside potential.
Trading Tips & Alerts (you’ll find more detailed info on them in the Trading Corner chat room):
(1)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.
(2)Usd/Cad: Long @ 1.1827 (sept 12), target 1.2060-1.2150 and beyond. Pair is presenting a very decent bullish view that is just confirmed.
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