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Euro Cross Pick 07.26.10

Euro Cross Pick 07.26.10

2010-07-26 19:10:00
David Song, Currency Strategist
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Keeping up with the short EUR/JPY trade from the previous week, the exchange rate bounces back above the 50-Day SMA (111.56) and rallies to a high of 112.99, which triggered my stop at 112.29, and we may see the euro-yen hold a narrow range going into the following month as investors weigh the outlook for future policy. As price action appears to be finding near-term resistance ahead of 113.50, we may see the EUR/JPY retrace the rally from the previous week, but I will look for further confirmation before looking to short the pair again.

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