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eur/gbp update

12/01/2010

I closed out my short eur/gbp last night for a nice little gain. The pair bounced off a significant .786 retracement on the daily chart before giving a long entry on the 15 minute, and breaking the short term down channel.

Depending on how you want to draw fibs, we’re sitting on a .25 or .382 retracement on the hourly chart. If the euro chart breaks higher, it should take this pair higher before continuing the downtrend. So long as .8450 holds, I will consider selling rallies on the 15 min chart.

Currently though, we are sitting on a level of interest for both this pair and the eur/usd because we are meeting with short term resistance.

Trade what you see, not what you want to see.

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