Short EUR/USD

[Dave Floyd]

9/3/2004 7:40 AM PDT

Folks,

With many traders lined up to begin the 4th quarter battle next week, and the "spin" on the jobs data pretty positive, it would appear that the EUR/USD is set to head lower. While the FX markets have thrown a number of curve balls lately, much of it can be attibuted to thinly staffed trading desks and risk aversion.

This will not be the case next week. The DXC (dollar index) is making its' way back to 89.77 and the EUR is sitting at support at 1.2075. Based purely on momentum and the fact that the rate hikes are no clearly a go, the EUR is likely to test 1.1970-1.1990 area in the days to come.

Based on that, it makes sense to establish a short position at present.

TRADING AT 1.2070 AT TIME OF POST.

Target price to follow.

Dave

[novice]

Stop loss on EUR/USD
Forgot to post stop loss.....1.2200

Dave

[Novice as moderator: I put the two threads together, sorry about my ugly picture on your post LOL N.B. This is Dave's post I just moved it here]

[Dave Floyd]

Thanks mate, I appreciate you "tying" it together, had not even given that a thought.

Enjoy the weekend.

Dave
Go Chelsea!