Euro Cross Pick 10.11.2011
As the EUR/GBP maintains the downward trend from earlier this year, I am inclined to take another stab at shorting the pair, but I am looking to be a little more prudent this time around after getting stopped out last week. As the euro-pound pares the overnight decline to 0.8688, I will wait for a break and a close below the 20-Day SMA (0.8687) before jumping to another trade. Should we see these conditions pan out later today, I will leave an open target for the time being as I expect the pair to threaten the rebound from 0.8532, and will have the stop at 0.8727, the 50-Day SMA.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.