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Euro Cross Pick 05.16.2011

Euro Cross Pick 05.16.2011

2011-05-16 15:18:00
David Song, Currency Strategist
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After finding support around the 200-Day SMA at 1.3631, the EUR/CAD broke out of the narrow range carried over from the previous week, triggering my long entry at 1.3811. As the euro-loonie carves out a bottom in May, the rebound certainly exposes the broad range from earlier this month, and I am looking for a potential test of former resistance around 1.4000. I have placed a soft target at 1.4102, the 4/28 high, with a stop at 1.3711, the February high, and may look to add to my position if we see the rebound gather pace.

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