Tuesday September 20, 2005 - 10:38:09 GMT
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Forex Morning Meeting - European Session Report
Good morning everyone from FXstreet.com. Crude Oil surged yesterday to the $67 level again, amidst fears for the consequences of another hurricane, this one called Rita, while DJIA index lost the previously gained ground, falling to around 10.550 again.
Forex Technicals at a glance: The Eur/Usd today
The pair looks very vulnerable at the moment, with all indicators pointing south, the 61.8% fibo level of the previous upleg acting as the unbeatable resistance and the selling pressure beginning to mount on the pair. 1.1965 looks the reasonable downside target right now and today’s FOMC announcement could just be the catalysator of the move. Fundamentally there are more than reasons to think we will see a softer euro, and only the inflationary risks of high crude oil prices can refrain from that dump to happen straight away. But, unless some magic event unfolds, the technical picture is beginning to confirm the fundamental outlook in most of the pairs.
Trading Tips & Alerts: Usd/Cad: Long @ 1.1827 (sept 12), target 1.2060-1.2150 and beyond. Pair has broken multi-year lows (stop level) and is quite vulnerable at the moment. Target remains in place but deep pockets are now needed to stay in the trade.
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