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Euro Cross Pick 05.25.10

Euro Cross Pick 05.25.10

2010-05-25 13:10:00
David Song, Currency Strategist
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Following up with the EUR/GBP short recommendation from 0.8570, the exchange rate slipped to a low of 0.8510 during the overnight trade, which has currently put my position in-the-money. As the euro-pound pares the advance from the previous week, with price action falling back below the 20-Day SMA at 0.8581, I expect to see the pair test the lower bounds of its recent range as skepticism surrounding the EUR 750B rescue plan continues to drag on the single-currency. As a result, I will maintain the target at 0.8446, the 5/12 low, with the stop 0.8630, the 4/29 low.

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