We’ve been stuck in a 1.30/1.33 range for the last 4 weeks but I’m coming around to the point of view, that the break when it comes will be a bullish one, and today could be the day. If we do actually get a passable deal on the Greek debt restructure, as seems now to be the case, then what hasn’t been able to go down should go up! The market is still very short and a clean break above that 100-day MA at 1.3310 would set off alarm bells amongst the macro short community. I favour buying any 50 pip dips over the next 24 hours, just in case that big short-cover kicks in.
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