It looks like the Euro has started its next leg down vs the US dollar. Friday close was 1.229US/Euro.
EWI target for this minor 5 wave sequence is 1.187 to 1.196US/Euro. Also in the following chart this target would bring it close to the bottom of the channel.
For those of you who are doing this trade with the ETF EUO-NYSE its target prices are $23.32 to $23.99 The theuptrend.com charting service next weekly target is $23.44. I think if the target area is hit it would be a good time to take $6/share profit off the table keeping sales in US dollars. Cash is a Position.
Want a higher risk trade? How about a double short on oil?
The following US$/Euro chart from EWI 06Jul2012 Financial Forecast Short Term Update.
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