Thursday September 29, 2005 - 11:08:29 GMT
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Forex Morning Meeting - European Session Report
Good morning everyone from FXstreet.com. Crude Oil gained ground during yesterday’s session in this current yo-yo trading range, to close around $66.50. Meanwhile, DJIA index closed around 10.470.
Forex Technicals at a glance: The Eur/Usd today
It looks as there is a real buying pressure coming from the sub-1.20 level. 1.1990 was again bravely defended with heavy volume coming into play just when most of those on the technical sied were starting to plan aggressive add-ons on the short side. The move that followed the breach of the 1.2 level caught many wrong-footed, forced them to square their positions (adding longs to the new and fresh longs coming in), thus resulting in a more than 80-pip upmove by the single currency. Move has been halted ahead of the important 1.2065/80 level, where some sellers have come into play. Short-term picture, however, does not rule out that a break of the 1.2080 level takes place, thus targeting 1.2130 downtrend line. Intraday oscillators still are euro favourable and so the rebound could continue for a while now. Short postions would prefer the dust to settle out or to start mounting from 1.2080 up to 1.2130, stops above 1.2165.
None at this moment.
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