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EURUSD: Short Stopped Out Ahead of FOMC

By , Currency Strategist
14 December 2010 05:34 GMT

Strategy: Pending Short

Total Profit / Loss: -163 pips

We re-entered short EURUSD last week having booked profits on the first leg of the position earlier in the month. The trade was stopped out today as the greenback slumped ahead of the FOMC policy announcement. Sizing up the weekly chart, the advance looks corrective, with prices retesting the broken rising trend line set from June’s swing low. Furthermore, as we discussed in our weekly trend monitor, fundamental support behind Dollar weakness vis-à-vis the Fed rate decision seems inherently temporary. As such, we will look for attractive opportunities to re-enter short in the days ahead.

EURUSD_Short_Stopped_Out_Ahead_of_FOMC_body_12142010_EUR.png, EURUSD: Short Stopped Out Ahead of FOMC

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14 December 2010 05:34 GMT