June Euro (E6M26) currency futures offer a selling opportunity on further price weakness.
On the daily bar chart for June Euro currency futures, prices are lower and have just hit a 10-month low. Also notice at the bottom of the chart that the Moving Average Divergence (MACD) indicator is in bearish mode as the blue MACD line is below the red trigger line and both lines are trending down. Flies have near-term technical advantages.
Fundamentally, the US dollar ($DXY) is benefiting from a safe haven amid the Iran conflict, while Eurozone economies face rising energy prices.
A move below chart support at the overnight low of 1.1561 would be a selling opportunity in the June euro. The downside price target would be 1.1100, or below. Technical resistance, to lift the protective buy stop, is located at 1.1770.
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 you to potential business opportunities. However, it is up to you to: (1) decide when and if you want to start any trades and (2) determine the size of any trades you can start. Any trades I discuss are speculative in nature.
Here’s what the Commodity Futures Trading Commission (CFTC) has to say about futures trading (and I agree 100%):
Commodity futures and options trading is not for everyone. It is a volatile, complex and dangerous 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 these contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents that your broker provides you.
As of the date of publication, Jim Wyckoff had no positions (either directly or indirectly) in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. This article was originally published on Barchart.com
