Euro Hits 13-Month Low, Barchart Sees Selling Opportunity

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Summary · why it matters

The September Euro currency futures have hit a 13-month low, presenting a selling opportunity on further weakness. Bears are in firm technical control, and trends in currency markets tend to be stronger and longer-lasting than in other markets. A move below chart support at 1.1350 would trigger a sell signal with a downside price objective of 1.0900 or below, while technical resistance for a protective buy stop is at 1.1550. The Federal Reserve under Chairman Kevin Warsh is on a hawkish path likely to raise rates this year, outpacing global counterparts and boosting the U.S. dollar while weighing on the euro, as the U.S. economy outperforms the European Union.

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