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Euro Cross Pick 10.17.2011

Euro Cross Pick 10.17.2011

2011-10-17 14:48:00
David Song, Currency Strategist
Share:

After waiting to range-trade the EUR/GBP during the previous week, it seems as though the pair has carved out a near-term top just below 0.8800, and I am still going to wait for a break and close below the 200-Day SMA (0.8720) to play the pair back to the downside. I would like to sell the pair close to 0.8700 as I plan to ride it down towards the 10/7 low at 0.8596, and will place a fairly tight stop at 0.8732, the 50-Day SMA.

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