The Euro Is Stumbling. How Much Lower Will the Currency Futures Go?
See on the daily bar chart for the September Euro currency futures that prices have backed down from the July high. See, too, at the bottom of the chart that the moving average convergence divergence (MACD) indicator is in a bearish posture as the red MACD line has just crossed below the blue trigger line and both lines are trending down. It's also my bias that the U.S. dollar index ($DXY) has put in a price bottom, which is bearish for the Euro currency.
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Fundamentally, the U.S. economy is growing at a mostly healthy pace, as seen by recent upbeat U.S. economic data, including the June employment report from the Labor Department. The Federal Reserve's Open Market Committee (FOMC) minutes that were released Wednesday afternoon also said the U.S. economy is in a generally good spot. That's also Euro currency futures-bearish.
A move in the September Euro currency futures prices below chart support at 1.1700 would give the bears more power and it would also become a selling opportunity. The downside price objective would be 1.1300, or below. Technical resistance, for which to place a protective buy stop just above, is located at 1.1900.
IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any trades and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.
Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%):
Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.
On the date of publication, Jim Wyckoff did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
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