I've been telling you for weeks to watch the $1.1155 level on the Euro vs. the U.S Dollar.
Today's European close below $1.155 on the Euro is a big event. If we close the month below this on Thursday that would be a monthly bearish breakdown that tells us this is only just beginning and much lower euro prices are in our future.
Thanks to last week's Q&A I told you how best to short the euro. You would already be up 7-8% on that trade and staring at another 10-20% gain in the near term. The ticker is EUO and it's a 2x short ETN against the EUR/USD pair. And if you bought options, the money is even better, not that I recommend that trade for novices.
In fact, I was hoping this would hold through the end of the month to make it the top pick for this month's newsletter and add to the Guns Portfolio but I think I'm too late for that.
I hope some of you heeded my advice from last week and are sitting on a tidy profit here. Don't stay in this trade for long. Panic will set in at some point soon and that's when you should cut out and wait for the next leg of the trade, up or down.
EUO is a trading vehicle not an investment one. So, use it wisely to scalp big moves for solid wins.
Nothing good comes from what happens next. The feckless jackasses that run the EU think they can write a rule and make markets do what they want.
Such is the thinking of Marxists and morons. Bet against Juncker and Merkel, they will always make you money.