December Euro currency futures (E6Z25) present a selling opportunity on more price weakness.
See on the daily bar chart for the December Euro currency futures that prices are trending down and this week hit a two-month low. 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 is below the blue trigger line and both lines are trending down.
Fundamentally, the U.S. dollar index ($DXY) is surging amid better U.S. economic reports recently, and with Federal Reserve Chair Jerome Powell Wednesday standing his ground regarding keeping U.S. interest rates steady. The marketplace is also viewing the U.S.-European Union trade deal as favoring the U.S.
A move in the December Euro currency futures below chart support at this week’s low of 115.03 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 located 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%):
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