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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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At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.