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Euro long as a contrary play

Posted By Mike On Feb 18, 2010 @ 1:21 pm In currencies | No Comments

[1]

Prophet.net

Note the upsloping daily RSI from very oversold conditions. Sentiment remains highly negative, so any upward movement would surprise the majority of traders and possibly result in a short-squeeze like Sept 08.

You don’t have to be very sure that the euro will rally — I’m not — to take this trade. The recent lows make such a clear and close stop position that the risk/reward balance is quite good.

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