First looked at this on 07Feb10. Since then, have switched long USD risk originally skewed predominantly against EUR, to GBP as the main counter-currency now. - All this while, have not actually considered going long EUR/GBP as an outright standalone trade. Always lurking in the background was the long USD trade.
- Believe that the time is drawing near for a long EUR/GBP trade.
- Monthly : A Mar10 close above 0.8997 = end of consolidation.
- Weekly : Short of a weekly close above 0.9120 to breakout of the triangle. (Now at 0.9065). Waiting for this to occur before putting on a fresh long here.
- Entry criterion based on the 2nd candlesticks chart above is more stringent.
16 March 2010
EUR/GBP : Time Is Near
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