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Remaining short EURUSD against the high

Remaining short EURUSD against the high

2012-07-11 14:40:00
David Rodriguez, Head of Product
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As per the Real Time News feed, I've sold the Euro against the US Dollar (short EURUSD) yesterday morning against Sunday's high. I sold at market, which at the time was $1.2267, and I've set my stop above the weekly high of 1.2335.

I narrowly avoided getting stopped out overnight as the Euro bounced, but I'm encouraged by the fact that the currency respected Sunday's high. I remain short with my stop unmoved.

It's important to note that this afternoon's FOMC Minutes pose significant event risk as the EUR could turn quite volatile on surprises. I'm sticking to the position, but I might lighten up on exposure and update my thoughts on the Real Time News feed.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To contact David, e-mail drodriguez@dailyfx.com

To be added to David’s e-mail distribution list for this and other reports, e-mail subject line “Distribution List” to drodriguez@dailyfx.com

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