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Euro Cross Pick 05.09.2011

Euro Cross Pick 05.09.2011

2011-05-09 17:50:00
David Song, Currency Strategist
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Still keeping a close eye on the EUR/GBP and the EUR/CAD, but waiting for a clear directional bias for both fairs following the recent developments coming out of Europe.

The EUR/GBP appears to have found near-term support around the 38.2% Fibonacci retracement from the 2008 high to the 2010 low around 0.8730-50, and I will take a stab at playing the April range as long as price action holds above here. If we see the euro-pound hold its ground going into the close, I will take a small long position and will look for a test of the 20-Day SMA at 0.8856, with a tight stop at 0.8730.

With the EUR/CAD, I will remain flat at as price action slips below the 50-Day SMA (1.3797) for the first time since April 1st, and will look for a test of the 23.6% Fib from 2008 high to the 2010 low around 1.3640-50 as the pair searches for support. As the euro-loonie breaks out of the upward trend from earlier this year, there could be potential to play the wide range from March, and I will try to play the EUR/GBP as I continue to wait on the EUR/CAD.

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