Remaining short EURUSD against the high
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
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