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BUY EUR/SEK @9.6650

BUY EUR/SEK @9.6650

2010-02-26 11:04:00
Joel Kruger, Technical Strategist
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One of the few cross currencies that are so stretched at present and with the daily RSI well below 30, we like the idea of looking to build a long position a little lower down. The market is now at its lowest levels since 2008 and is fast approaching a retest of critical longer-term former resistance now turned support by 9.6600 from November 2005. As such, we see the 9.6600 area as stalling additional setbacks at a minimum, ahead of a much needed and healthy corrective bounce, that could even develop into a more meaningful medium-term base. STRATEGY: BUY AT 9.6650 FOR AN OPEN OBJECTIVE; STOP 9.5650. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE ON FRIDAY. POSITION SIZE SHOULD BE 3X TOTAL EQUITY.

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