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Look for a Short-Squeeze on EUR/USD and EUR/JPY

Look for a Short-Squeeze on EUR/USD and EUR/JPY

2010-05-10 14:39:00
Antonio Sousa, Chief Strategist
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News the European Union will set in motion a $962 billion loan plan to end the region’s sovereign-debt crisis is likely to trigger a massive short-squeeze on EUR/USD and EUR/JPY. Indeed, over the last few weeks, many foreign exchange traders have been selling short the euro on speculation that Greece’s debt problems could spread across the entire euro area. Now, those some traders are fueling a rally on EUR/USD and EUR/JPY because many of the traders who entered short trades against the euro also left their stop losses in the market. Having said that, Greece's debt problems will not go away anytime soon and despite the good news exchange rate volatility is likely to remain relatively high. I have been long USD/JPY the currency pair was trading at 86 and I’m targeting 100. I also have a long position in EUR/JPY. But please make an intelligent use of leverage and always uses stops.

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