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Euro Cross Pick 03.23.2011

Euro Cross Pick 03.23.2011

2011-03-23 15:02:00
David Song, Currency Strategist
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I ended up staying out of the EUR/GBP yesterday as the pair bounced back from a low of 0.8659, but I will continue to look for a good opportunity to short the pair as it carves out a top in March. As price action struggles to hold above the 38.2% Fibonacci from the 2008 high to the 2010 low around 0.8720-40, with the relative strength index continuing to come off its recent highs, the near-term correction in the exchange rate should gather pace in the coming days, and I will take another stab at testing the waters as the near-term rally tapers off. I have set an entry to sell the pair at 0.8650, and will look for a will look for a test of the 100-Day SMA at 0.8508, with the stop at 0.8728, the 3/22 high.

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