[B]My picks:[/B] Pending EUR/USD Short
[B]Expertise:[/B] Fundamentals and Technicals
[B]Average Time Frame of Trades:[/B] 2 - 10 Days
The EUR/USD advance following the better-than-expected non-farm payrolls report failed to trigger my short entry from the previous week, and as the 1Q GDP reading for the Euro-Zone is expected to reinforce a weakening outlook for growth and inflation, I will attempt to short the euro-dollar again as the pair approaches the 2009 high. Moreover, as the European Central Bank maintains a dovish policy stance, and looks beyond the interest rate to manage monetary policy, expectations for further easing is likely to weigh on the exchange rate over the remainder of the month. As a result, I have place a short EUR/USD entry at 1.3445, the 200-Day SMA, with my target at 1.3214, the 50-Day SMA, and will place my stop at 1.3516, the 4/2 high.
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