Friday September 16, 2005 - 10:41:30 GMT
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Forex Morning Meeting - European Session Report
Good morning everyone from FXstreet.com. Crude Oil dipped down yesterday to the mid $64’s, while DJIA index dipped below 10.600.
Forex Technicals at a glance: The Eur/Usd today
The pair managed to held the current uptrend line in place, as a dip below 1.22 was followed by a wave of euro buying that led the pair to test the 1.23 level again. It did only but retrace from that level, and it is currently barely above the 1.2250 level. 10 & 20 EMA haev a bearish cross and that will definitely add pressure to the pair, which could trigger to major stop hunting should the 1.22 level be definitely cleared. On the daily basis there is no room for bullishness in the pair, except for that the channel is still a valid one.
On the intraday basis, however, we saw yesterday bullish signals being confirmed (and trade alerts were called on the Trading Corner Chat Room) in the 60 minute charts, that definitely worked well for those who bought the pair, enjoying an almost 100 pip ride. Those same indicators signaling long yesterday have turned bearish this morning and short signals were alerted around european session start time. However, the retrace has stopped at the confluence of the 20 & 50 EMA, which are just about to make a bullish cross (not yet), adding some pressure on the long side if it finally gets confirmed. That would suit pure charticians who are foresighting a “cup of coffee” bullish formation, which should be confirmed later today (target around 1.2330) .... taking into account that losing the 1.2240 level will negate this view, because the “handle of the cup” would be broken (and many bullis dreams with it).
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), was closed at entry (protective stop). No new plans for the pair.
(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-1.17’s lows and hold the alert as a valid one.
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