Monday September 19, 2005 - 14:02:33 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 $63’s, while DJIA index regained some ground to around 10.650.
Forex Technicals at a glance: The Eur/Usd today
After dismissing the possibility of a trend reversal (the cup ‘n coffe formation was easily broken), the pair is in full control by the USD bulls, who have even managed to break and currently stay below the last and key fibo level of the previous upleg that was situated at 1.2150. German elections, which have gone very close thus adding more uncertainty to the economy of that country, have nothing but added more pressure to the single currencym which could face a bigger drop this week with the FOMC rate decision announcement. 10 & 20 EMA are crossing down the 50-day EMA right now, and that is just another bearish signal for the pair. Any retracement now is a good opportunity to sell targeting this year’s lows and even beyond, because I just presume that if lows are attacked again, they won’t hold and the deeper correction some had anticipated will be playing in full force to, at least, 1.18. Anyone attempting to go long on the pair should just sit and wait for the 1.2350 level to be cleared ... highlyunlikely in coming days.
Trading Tips & Alerts:
(1)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 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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