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Euro Cross Pick 10.03.2011

Euro Cross Pick 10.03.2011

2011-10-03 17:07:00
David Song, Currency Strategist
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The EUR/CAD extended the decline from Friday, with the exchange rate falling back to a low of 1.3854, and we may see the pullback from 1.4130 gather pace in the days ahead following the failed test of the 38.2% Fibonacci from the 2008 high to the 2010 low around 1.4380-1.4400. However, as the DailyFX Speculative Sentiment Index currently stands at -2.02, I would like to see the SSI turn around before taking a short EUR/CAD trade, and I will keep a close eye on the range-bound price action as the short-term reversal gathers pace.

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