I exercised a lot of patience with my largest position, EUO, a leveraged bet that EUR/USD would roll over for a counter-trend pullback. Today’s crack below the SMA 50 is helpful to that.
A lot will depend on other markets as to whether I continue to hold this all the way to support or sell before then. A rough pattern measurement puts EUR/USD in the 1.15s and support is in the 1.14s. The reason I’ll consider other markets is because the position was taken as a hedge to a potential USD bounce that could, along with a bouncing Gold/Silver ratio, impair other markets.
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