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Euro Cross Pick 07.13.10

Euro Cross Pick 07.13.10

2010-07-13 14:10:00
David Song, Currency Strategist
Share:

The near-term rally in the EUR/GBP appears to have tapered off this week as price action fails to hold above the 50-Day SMA at 0.8384, and the lack of momentum to retrace the decline from May could push the pair lower over the near-term as the instability in the Euro-Zone weighs on the exchange rate. As a result, I am looking for a break below the 20-Day SMA and will short the pair at 0.8285, and will has a soft target at the yearly low of 0.8067, with the stop at 0.8385, the 50-Day SMA.

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