Last updated: Friday, February 19, 2010
After lowering the stop on my short EURGBP (0.8830) trade from 0.8889, the 50-Day SMA, to 0.8718, the 20-Day SMA, we saw the pair retrace the previous week’s decline and reach a high of 0.8795 during the overnight trade, and I am currently flat on the euro-pound as we head into the weekend. However, as price action fails to close above the 200-Day SMA at 0.8822, I will maintain a bearish outlook for the pair, and will certainly look to short the pair again as it hold the broad range carried over from the previous week.
