Wednesday September 14, 2005 - 11:03:09 GMT
Share This Story
FXstreet.com - www.fxstreet.com
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 for the second straight day.
Forex Technicals at a glance: The Eur/Usd today
Well below the 1.23, the Euro found ground just at the lower line of the current uptrend channel (a channel that has been forming for the last month or so), all within the bearish trend that started in january, 2005. That line lies around 1.2250 today, and everyone sees a break of it as the key for the next downmove. It is true, indeed, that the pair is playing with fire and selling pressure is increasing every passing day. Furthermore, the fact that the pair is unable to re-gain the 50-day SMA and indicators are confirmed bearish on a daily basis is not of much help. Buyers who did not take the channel trade should now wait for at least the 50-day movinga verage to be regained, preferrably wait for the moving averages to turn north again. The 10 & 20 EMA are just about to cross on the downside, which would add quite a significant pressure on it.
Trading Tips & Alerts (youíll 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, less beautiful than days ago, but still enough to comment on it. 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 less bullish view than expected in the previous 2 days, but we assume the risks that are now associated with the pair moving to the low-1.17ís lows and hold the alert as a valid one.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."