My picks: Stay Short EUR/USD
Expertise: Fundamentals and Technicals
Average Time Frame of Trades: 2 - 10 Days
Following the short EUR/USD recommendation from the previous week, the pair has broke below the 50-Day SMA for the first time since March, and I will remain short against the pair as the European Central Bank is widely expected to lower the benchmark interest rate by another 25bp to 1.00% next month. The euro-dollar broke below my target at 1.3020, and I have added to my position after the pair broke below the 50-Day moving average during the previous session, and as a result, I have placed set my new target at 1.2705, the 2/2 low.
