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NEW YORK
22:32
LONDON
03:32
PARIS
04:32
FRANKFURT
04:32
HONG KONG
09:32
TOKYO
11:32
SYDNEY
12:32
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Euro Cross Pick 29/10/2010

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Contributed by: DailyFx

Following up with the short EUR/USD trade from earlier this week, I am looking to maintain the position going into November as the pair continues to carve out a top, and the exchange rate is likely to face increased volatility over the following given the slew of market-moving event risks. I am still looking for a test of the 50.0% Fibonacci retracement from the 2009 high to the 2010 low around 1.3500, and will maintain the stop at 1.4001, the 10/13 high. For now, I am keeping a close eye on the GBP/USD to see if we will get a close above 1.6000 as the exchange rate rallies to a fresh weekly high of 1.6014, and I may look to buy into the recent strength behind the British Pound as investors expect the Bank of England to maintain its current policy in November.

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