The accumulation that I flagged last week in the Index Report in the currency still appears to be going on. The present pattern that we have seen over the last week is one of exhaustion and the failure to reach down to the 1.3300 level during the last week is another indication that the Euro is oversold in the short term. With the performance and movement of Cable over the last week we could be seeing a switching out of being short the Euro into being short Cable. I would be cautious about being short at the moment.
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