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Euro Cross Pick 07.01.10

Euro Cross Pick 07.01.10

2010-07-01 13:24:00
David Song, Currency Strategist
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Following up with the EUR/USD short trade from earlier this week, the short-term advance in the single-currency pushed the exchange rate back above the 20-Day SMA at 1.2208 and triggered my stop at 1.2342, the 6/14 high. However, as the rally appears to be tapering off ahead of the 50-Day SMA at 1.2478, with the euro-dollar struggling to retrace the decline from the June high (1.2466), I may look to short the pair again as the European Central Bank is likely to maintain a loose policy stance in the second-half of the year. However, as the Commerce Department is scheduled to release the June non-farm payrolls report tomorrow, with the headline expecting to show a 115K drop in employment, we could see a choppy reaction to the data as we head into the holiday weekend.

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