The Euro Continues to Weaken, Lifting The EUO

With EUR/USD pressing towards 1.3400 from its 1.3700 high on July 1, the inverse EUO (long) position is accelerating off of its thrust above the 200-day EMA at 17.41 towards my next optimal target zone approaching 1800.

There is not much, if any, positive news for the EURO these days, which provides a bearish back story for the Eurozone currency, while the U.S. economic- and interest-rate back story is more positive and is attracting money flow into the US Dollar.

It would appear, then, that the ProShares UltraShort Euro (EUO) position has tailwinds from both the Eurozone and the US back stories, which should drive it still higher in the days and weeks ahead.

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