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Staying short Euro/US Dollar

Staying short Euro/US Dollar

2011-05-26 20:00:00
David Rodriguez, Head of Business Development
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It's been a busy day for the Euro. Early this morning we saw it rally significantly and test the top of its recent trade channel. SSI data showed crowds were building short positions, and I accordingly said the Euro could continue higher. Yet the pair has since pulled back sharply and remained well-within its short term downtrend channel. I accordingly remain bearish and short, keeping my stop ucnhanged from yesterday above 1.4230 and looking for a break of 1.4000.

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