Unfortunately we were railroaded on our short Eur/Gbp position from 0.9025 this morning. However, technical studies in Sterling on the crosses should not be ignored and we have now established a fresh long position on this cross with the market at multi-year lows and severley oversold. We are already long Eur/Aud and Eur/Cad with buy and hold positions, and we will take the same approach here with leverage of 5x. POSITION: LONG @1.6650 FOR OPEN OBJECTIVE.
Unfortunately we were railroaded on our short Eur/Gbp position from 0.9025 this morning. However, technical studies in Sterling on the crosses should not be ignored and we have now established a fresh long position on this cross with the market at multi-year lows and severley oversold. We are already long Eur/Aud and Eur/Cad with buy and hold positions, and we will take the same approach here with leverage of 5x. POSITION: LONG @1.6650 FOR OPEN OBJECTIVE.
The USD/JPY halted the six-day decline, with the exchange rate rising to a high of 89.38 during the overnight trade, and I am certainly expecting to see a short-term correction over this week as the pair maintains the broad range carried over from January. As a result, a have placed a long entry at 89.51, last Friday’s high, and will target 50-Day SMA at 90.85, with the stop at the psychological level of 89.00.
