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Euro Cross Pick 03.04.10

Euro Cross Pick 03.04.10

2010-03-04 14:48:00
David Song, Currency Strategist
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After stalling at a fresh yearly high of 0.9152, the EUR/GBP slipped back below the 0.9100 level (50.0% Fib of the 2009 high to low) following sharp rally, and we may see a corrective retracement over the following week as the Bank of England and European Central Bank maintain their current policy this month. As a result, I expect to see the pair to maintain the range from 0.8720 (23.6% Fib) to 0.9100 (50.0% Fib) as European policy makers are likely to hold a neutral policy stance throughout the first-half of the year. I will look to short the euro-pound at 0.8976, the 1/13 high, and will target the 200-Day SMA at 0.8829, with the stop at 0.9031, the January high.

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