I have decided to take short term trade profits on Euro and sell position at 19.05US.
There has been a substantial run up in the US dollar vs the Euro and ProShares Ultra Short the Euro vs the US dollar (EUO-NYSE) has had a similar run up that looks like a blowoff.
I look for a correction to buy back into EUO after a decent retraction of the most recent unsustainable surge in share price. If EUO continues to rise - so be it.
Wait for a better entry point to reenter the week to months short term trade.
Charts as follows:
Chart from EWI Short Term Financial Update the Elliott wave pattern and most likely the ending of current wave 3 of 5.
And the second chart showing the June2014 EUO breakout above the 18 month downtrend line and the current $19US stock price.
I think a consolidation back toward the 10 and 20 EMA around $18 would be a reasonable re-entry point to trade this move in the Euro vs the US Dollar.
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