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The darling commodity trade such as the SPDR Gold Shares (NYSE: GLD) is getting hammered today, mostly because of dollar strength. Just when the Euro looked like it was about to rocket above key resistance at 144.00, the price structure reverses in a significant way. So much so that the Euro/$ is nearing critical near-term support at 1.4100, which must be preserved on a closing basis to avert triggering a significant near-term downside reversal. For ETF traders, the relevant ETF is the CurrencyShares Euro Trust (NYSE: FXE). Let’s notice that the daily RSI appears to be rolling over after failing to confirm the recent surge above 1.4000 to 1.4340, which is another disconcerting (warning) signal that Euro bulls may have run out of gas.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
