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05/06/2014: I have just BOUGHT EUR/USD at $1.36063


I thought I would just try and take advantage of a potential short covering rally on the Euro with the ECB. I expect a slight feeling of disappointment in the markets which could mean a rally on Euro/Dollar. I would be looking for a rally back towards the $1.3670 resistance.

I would stress though that for me this is just a near term knee jerk reaction trade as I see Euro/Dollar coming lower in the medium term. However, I see expectations being too high for action today and this will result in likely disappointment.

With regards to the risk I am definitely having a stop in place, and have put it at $1.3575 (32 pips) which is below the key near term low at $1.3585.


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