Thursday September 22, 2005 - 10:12:53 GMT
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Forex Morning Meeting - European Session Report
Good morning everyone from FXstreet.com. Crude Oil gained more ground to move close to the $68 level, amidst fears for Rita, while DJIA index dipped down further, closing around 10.380.
Forex Technicals at a glance: The Eur/Usd today
As written yesterday, 1.2250/60 has proven to be a tough barrier for the pair ... and this leads to think that the downside scenario that was described is in place. Pair is currently holding above 1.22, but watching cable dump well below 1.81 it looks as just as a matter of time for the euro to follow. It may be “Rita” or any other excuse, but the technical view isn’t supporting all those excuses and we will most likely see a “give-up”. Usd/Chf break above 1.2750 would act just as the confirmation of these words. Presumably, according to 4hr charts, we will see the usd/chf at new highs and euro at new lows, with eyes on the 1.18 level as a medium term target. 20&20EMA have crossed the 50EMA on the downside and it is a matter of time they just work to effect.
(1)Usd/Cad: Adding at 1.1630 to our existing long 1.1827 position. We still favour 1.2065-1.2100 to be seen.
(2)Nzd/Usd: We short @ 0.6980 betting the break of the current uptrend line from july, today around 0.6945, and targeting 0.68
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