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Selling Rallies on EURUSD, Remaining Long USDJPY

Selling Rallies on EURUSD, Remaining Long USDJPY

2010-05-24 14:14:00
Antonio Sousa, Chief Strategist
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The euro is likely to remain under pressure as investors reflect on the failure of a major Spanish bank with 146-years in the lending business. However, I expect the euro to decline at a much slower pace than in previous weeks since speculative net short positioning remains at extreme levels and we are likely to see some waves of shorts covering their bets. I remain long USD/JPY and short EUR/USD. As always, please make an intelligent use of leverage and always uses stops.

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