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Staying long EURUSD, Trailing Stop Again

Staying long EURUSD, Trailing Stop Again

David Rodriguez, Head of Product

I went long EURUSD two days ago as I thought the EUR could set an important short-term bottom, and the trade has panned out much more quickly than I could have reasonably hoped.

Yesterday I took 1/4th of the Trade off at a profit and trailed my stop. Today I took further profit and am left with 1/2 of my original position size. I've further trailed the stop on the remainder of the position below the Euro session low of $1.2250.

I don't usually like holding positions into the weekend--especially given all of the headline-driven volatility in the Euro Zone. But I hope that Sunday/Monday can see continuation of the recent short-covering-driven rally. Keep track of updates via the "Analyst Picks" page and the Real Time News feed.

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.

Watch my justification for my Euro-bullish bias via my recorded euro forecast webinar.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.