Macro Man sells 10million EUR/USD at 1.3342

Take profit. 1.3361 for Jan 4 date.
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Anonymous
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December 4, 2006 at 3:23 AM ×

Dear MM,

1.3342 sounds like a great sell.

Did you see the cable go thru the roof ? You were talking about a traditional resistance at 1.9X, looks like we are going to touch 2.00 pretty soon ?

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Macro Man
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December 4, 2006 at 2:24 PM ×

Well, it looks like 2.00 will happen at some point pretty soon, possibly if the US employment data is poor on Friday. The real question is what happens once we get there- the balane of risk must favour some profit-taking at such a critical level, which could provide a temporary boost to EUR/GBP.

However, if Voldemort and UK corps keep buying sterling, the technical resistance might not prove sufficient to prevent at least a temporary foray on a 2 handle.

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