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Stay short Euro/US Dollar

Stay short Euro/US Dollar

2011-05-16 19:10:00
David Rodriguez, Head of Business Development
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I remain short the Euro against the US Dollar from Thursday, as I think we've recently seen an important EURUSD top. As I mentioned on Friday, those trading on shorter-time frames might have wanted to take partial profits as the pair hit multi-week lows. I myself have not--I remain short with a full-sized position from just above the 1.4300 mark. My first real target isn't until 1.3900, so I'll stay in the position with a stop on the initial position above 1.4340.

I'd actually like to add a position near current price action with a shorter stop, a scalp within a position trade. I'd like to sell at current market (1.4175) or better, setting a stop above very recent spike-highs at 1.4245. Targets on this position are at 1.4050 and I think we see a reasonable shot of hitting it.

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