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Euro Cross Pick 09.28.2011

Euro Cross Pick 09.28.2011

2011-09-28 14:07:00
David Song, Currency Strategist
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Following up with the EUR/GBP long trade from 0.8708, the overnight decline to 0.8670 triggered my stop at 0.8672, and it seems as though I have gotten ahead of myself as the exchange rate advances to a high of 0.8739. As the pair appears to be carving a bottom above 0.8650, I still expect to see the pair make another run at the 100-Day SMA at 0.8792, and I may take another stab at buying the pair should we see it close above the 200-Day SMA (0.8709) later today.

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