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Euro Cross Pick 03.23.10

Euro Cross Pick 03.23.10

2010-03-23 12:32:00
David Song, Currency Strategist
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Following up with the short EUR/GBP trade from the previous week, the pair nearly touched the 100-Day SMA at 0.8914, and I ended up pulling up the stop down to the 20-Day SMA (0.8829) from 0.9031 as the short-term decline appeared to be tapering off. However, the sharp rally on Friday pushed me out of the trade with a slight gain, and I will look to stay flat on the pair this week as the European Union is scheduled to hold a summit later this week. However, as the euro-pound fails to retrace the sell-off from the previous week, the pair looks poised to break lower, and I will certainly look to short the pair again as price action fails to hold above the 20-Day SMA at 0.9007.

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