Friday September 23, 2005 - 15:01:31 GMT
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Forex Morning Meeting - European Session Report
Good morning everyone from FXstreet.com. Crude Oil gained lost ground to $65, while DJIA index recovered a bit, closing around 10.430.
Forex Technicals at a glance: The Eur/Usd today
Pair moved very well technically and it is currently well below 1.2100, with the 1.2020/40 support level still intact. However, and despite any of the rebounds that could take place from now, pair is likely to resume the downtrend anytime soon, and a mid term target of 1.1800 is well on cards right now.
Any rebound in the pair, though short-lived, can be of importance if the usdchf is unable to clear the 1.2950 level, which would attract some fresh USD sellers that would in turn help the euro, who would be by that time around 1.2020 level. Favoured strategy: sell on rallies, though current levels are far less attractive than those above 1.2100. Anyone not short yet wait for higher levels to start your positioning; those who are short now, plan to add on a break of the 1.2020 level, targeting 1.1800 in mid term.
(1)Usd/Cad: Added @ 1.1630 (sept, 22) to our existing long 1.1827 position (sept, 12). We still favour 1.2065-1.2100 to be seen.
(2)Nzd/Usd: We shorted @ 0.6980 (sept, 22), and we realize at 0.6860 our profits. Flat on the pair right now.
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