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EURUSD: Stop Loss Challenged

EURUSD: Stop Loss Challenged

2011-10-27 11:01:00
Ilya Spivak, Sr. Currency Strategist
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I initially sold EURUSD at 1.4328. Prices are probing above my stop-loss at 1.3975 amid optimism following the EU debt crisis summit and I am prepared to book profits if prices close above this level, but a suspiciously anemic response from the Euro in European trade hints overnight gains may not prove lasting. I will continue holding short until my stop-loss conditions are fully realized.

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