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Euro Cross Pick 05.27.10

Euro Cross Pick 05.27.10

2010-05-27 13:14:00
David Song, Currency Strategist
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Following up with the EUR/GBP short trade from earlier this week, the exchange rate slipped to a fresh yearly low of 0.8424 during the overnight trade, which exceeded my target at 0.8446, the 5/12 low. After taking profits, I will look to sell the pair again as it maintains the downward trend from the March highs, but we may get a short term correction in the euro-pound as the daily RSI approaches oversold territory.

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