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Long EUO At $23.07



August 23, 2010 – Comments (0) | RELATED TICKERS: EUO

I don't typically trade in currencies, but the known correlation between a drop in the value in the Euro, rise in the U.S. Dollar, drop in U.S. equities, and my known bearish tilt on the market, makes this an obvious trade . But even more obvious is the downward trend-line on this Euro UltraShort, the inverse H&S pattern in place, and the break of the 50-day moving average. Last time EUO closed through the 50-day moving average, the Euro saw a huge decline in its value. So the risk/reward, is certainly in my favor here with a price target in the mid-$24's and a stop-loss at 22.25.

Here's the Chart Analysis on EUO

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