Staying long EURUSD, Trailing Stop
As I wrote yesterday on the "Analyst Picks" page and the Real Time News feed, I think yesterday's EUR rally was the start of a larger bounce. I remain long from $1.2134, but have taken a quarter of the position off from $1.2312.
I still think the Euro stands to rally towards $1.25 and perhaps even $1.27 given the significant breakdown in the Dow Jones FXCM Dollar Index. Yet I'm comfortable taking partial profits and trailing the stop to roughly breakeven below previous congestion support of $1.2150.
Watch my justification for my Euro-bullish bias via my recorded euro forecast webinar.
I'll keep further thoughts posted as always on the Real Time News feed. - David Rodriguez, Quantitative Strategist for DailyFX.com
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