The time has come to take some cash off the table in Euro. The common currency fallen below our first short-term downside target of $1.3250 and appears to be holding support. If you own more than one of the bearish December option plays we originally suggested purchasing in late May (Alert #17) consider exiting half now, taking most if not all of your risk “off the table.”
The trend in this market is still solidly down so let’s hold the other half of our put play for a potential move to our next downside objectives of $1.3150 (short-term) and $1.2700 (long-term). Consider re-establishing a full short position on an upside, corrective retest of the downtrend line (currently crossing at $1.3400).
If you don’t have an RMB Group account and would like to know more about “Big Move” strategies we are currently recommending in other markets, please feel free to give us a call at 800-345-7026 toll free or 312-373-4970 direct. You can also email suerutsen@rmbgroup.com or visit us one line at www.rmbgroup.com.