June Euro currency futures (E6M26) present a selling opportunity on more price weakness.
See on the daily bar chart for the June Euro currency futures that prices are trending down and this week hit a 10-month low. Bears have the firm near-term technical advantage.
Fundamentally, the U.S. economy is faring better than the Euro zone economy — especially as energy prices have spiked during the Middle East war. This situation is likely to continue in the coming weeks and few months, or longer.
A move in the June Euro currency futures below chart support at 1.1500 would become a selling opportunity. The downside price objective would be 1.1000 or below. Technical resistance, for which to place a protective buy stop just above, is lcoated at 1.1700.
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. For more information please view the Barchart Disclosure Policy here.
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