Wednesday September 21, 2005 - 09:45:44 GMT
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FXstreet.com - www.fxstreet.com
Forex Morning Meeting - European Session Report
Good morning everyone from FXstreet.com. FED did another 25bp rate hike to 3.75%. Crude Oil gained more ground to move above $67 level, amidst fears for Rita, while DJIA index dipped down after FEDís announcement, closing around 10.480.
Forex Technicals at a glance: The Eur/Usd today
FED announcement of a yet another rate hike moved violently the euro to the downside, to test the 1.21 level, which held overnight .... and from which the longers established some positions, leading the pair to above 1.2200. Overall, the picture has not changed and I do not favour the long side. I would wait for 1.2290 to start adding to short positions, but one could start earlier at 1.2250, looking for quick hit-and-run entries that could yield profits (trades would be at the 200-sma resistance level on hourly charts, so the risk-reward would be decent). Daily short term moving averages have both crossed the 50-EMA and pair is even trading below the 10-EMA after all the events.
(1)Usd/Cad: Long @ 1.1827 (sept 12), target 1.2060-1.2150 and beyond. Pair is at fresh multi-year lows and position is a high-risk one right now.
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