Thoughts on Euro by @JimIuorio of TJM Institutional
Attached is a chart of ECZ2 (December Euro Currency Futures)
After a dramatic run-up the Euro Currency appears poised for continued correction. We have an objective of approximately 127.50 as it is the .382 retracement and several previous highs.
This morning's weak numbers from Germany coupled with talk of increased need for bailout funds in Spain should be sufficient to fuel down turn.
WE ARE LOOKING A ECX 127.5-128.5 PUT SPREAD FOR 36 TICKS.
We are also interested in selling the ECV same strike out spread against it. The package could be bought for 8 ticks. The October contract expires in 8 tradind days leaving a long position in the ECX 127.5-128.5 put spread for for a legged price of 8 ticks. November contract expires Nov 9th.
