I went long in EU just before the ECB press conference. For the first 5 minutes, it went up in my favour. I did not want to get out hoping for big retracement in EU. I was dead wrong. It went up to as high as 1.5474, below 1.5518 minor resistance and reversed. The next 5 minutes saw EU heading south to 1.5428. Ouch!
ECB had a press conference where rate was left unchanged and Trichet continued to sound hawkish. EU continued its southbound journey. The EU weakness was attributed to "decline in annual M1" which is an important obstacle to further rate hike by ECB.
I was just too quick on my trigger to go against the trend.
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