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yujin7 (< 20)

EUR/GBP breakout alert...target 0.84 ~

Recs

2

February 11, 2010 – Comments (1) | RELATED TICKERS: NBG , HLTOY

just to affirm my previous post yesterday on the Euro.

the Euro dollar has just started to breakdown and fast...i've taken shorts on the Eur/GBP when it was flirting around the 0.88 level and i am targeting 0.84 level, it is currently trading at 0.871. however, a conservative target would be 0.85.

this is the 6 last wave down that is showing for both the daily and 60min chart

something tells me this Greece or maybe just PIIGS is gonna have some problem on their hands...or maybe it's just the amount needed to bail greece out thats causing the slide, however i am still long National bank of greece(NBG) and hellenic telecoms(OTE) long term as a hedge, they are considered cheap if not for the otherwise  current "scare" and fear that is priced in~

Good Luck.

1 Comments – Post Your Own

#1) On February 11, 2010 at 1:38 PM, yujin7 (< 20) wrote:

i forgot to mention, probably looking at 1 1/2 months period and if things go really bad, we can expect it to hit 0.824 level. this would be about 500 over pips. but do stay safe, fundamentally, no matter how i look at this the EURO has got to go down, if the EU doesn't save Greece, it will go down and even if it does save greece, it will still go down. spain, italy and portugal are big economies compared to greece and their problems are not gonna go away just by saving greece~

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