– We are washing around ahead of the pivotal announcement on Thursday . Yesterday the Euro squeezed to a high of 1.1639 , in the process taking out a lot of the less committed shorts , unfortunately my own cash position included . My order book now suggests significantly lower levels of positioning at least from the hot money community .
— I suspect rallies will now be pretty contained ahead of the announcement and more likely we drift lower into the event . I have some option downside but would like the opportunity to reset a short cash position if we revisit the 1.1620/50 zone , working a 1.1750 stop on it . Support seen at 1.1550 and further out at the recent multi year low of 1.1460 .
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