Euro Cross Pick 05.12.2011
Given the lack of volatility following the previous day’s close, I stayed out of the EUR/CAD as the pair settled at 1.3651, but seems as though we’re going to see a test of the broad range as price action holds above the 200-Day SMA at 1.3630. I missed out on the overnight rebound, but am looking to buy in once we see the exchange rate cross back above the 50-Day SMA at 1.3811. In turn, I have set a small long entry at 1.3811 along with a soft target at 1.4102, the 4/28 high, and have placed the stop at 1.3711, the February high.
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