Euro Cross Pick 03.15.2011
My attempt to sell the EUR/GBP never panned out as the pair closed higher on Monday, and I may take another stab at shorting the pair as the near-term rally appears to be tapering off ahead of 0.8700. As the euro-pound falls back from a fresh yearly high of 0.8697, we may see a near-term correction unfold in the days ahead, and the pair may reverse course going into the last days of March as the relative strength index continues to hold below 70. In turn, I will wait for additional confirmation before pulling the trigger on a short trade, and will maintain a bearish outlook for the pair as it continues to hold the downward trend from the end of 2008.
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