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With the ECB meeting in play tonight I will take profits on the position, however I leave my short EUR/USD trade in play, with the idea of reducing my EUR exposure.
Traders who feel tonight’s ECB meet will be dovish could look to lower stops on EUR/GBP to 0.8310 (just above the multi-month downtrend).
I feel there are upside risks to the ECB meet given traders have positioned themselves for fairly bearish action from the ECB and I concerned they will be disappointed.
I close the trade for a 28 point profit or 0.3% gain and will look at new positions after the ECB meeting.